Estate plans require regular inspection and occasional maintenance to function properly. If you take the time every year to review your estate plan and find something you wish to change, that typically isn’t a problem. However, just as you took care to create your plan properly, you will also want to take care to ensure that the changes you wish to make our done properly and will not cause complications.
Reason 1: Changing Your Will Might Not Be Enough
A variety of life events can cause you to want to change the terms of your Will. However, it’s always important to remember that not all of your property will pass according to the terms of your Will. You will also have to review any beneficiary designations and trust terms if you are thinking about changing your inheritance plan.
Reason 2: Changing Your Trust May Require Agreement
If you have created a revocable living trust with your spouse, you still have the right to change the terms of the trust but will have to get your spouse to agree. Any trust provisions you want to change must be made in writing and both spouses will have to consent to the change.
Reason 3: Writing a Codicil Requires Careful Attention
You can make some changes to your Will by drafting an amendment known as a codicil. The codicil must meet the same requirements as the Will, meaning you must make it in writing, sign it, and have it signed by witnesses. Failing to do so can cause serious complications later because the court will ignore the codicil and only focus on the original Will.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud - January 22, 2020
- Question and Answer Session With an Elder Law Attorney - January 21, 2020
- Five Things You Need to Know About Medicaid Planning - January 16, 2020