Life doesn’t just stand still for anyone. After you have had an attorney create a will for you, you may be wondering, should I update my will?
Common Reasons for Changing Your Will
- Changing your mind about who should inherit your property
- Marriage, death, birth, divorce or separation affecting you or someone named in your will
- You move to another state
- You acquire or get rid of assets
- A beneficiary or executor in your will is deceased or becomes totally disabled, or they have changed their addresses and phone numbers
- A change of law in North Carolina making some of your gift planning obsolete
- Keep in mind that even if no major events have occurred in your life, it is always a good practice to have an attorney review your will for you at least every three years
How to Cancel Your Will
- By drafting a Codicil A Codicil is essentially an additional document that changes your current will. A codicil is only properly drafted and executed if it meets the same statutory requirements as drafting and executing a will.
- By drafting a new will Once a new will is drafted, it should include language in the document that revokes, or “wipes out” the prior will. After you have executed a new will, a best practice is to gather all copies of your old will and destroy them.
- By destroying the will This can include tearing, canceling, obliterating, or otherwise destroying, with the intent and for the purpose of revoking it.
Always keep in mind that changing your will should always be done by an experienced lawyer. Call Dugan & Leger today to assist you in planning for your future.