Mark Glendon

Why Updating Your Will is Important

Creating a will is important for protecting your family and ensuring that your property and assets pass onto your heirs without a hitch. While you won't have to deal with probate after you're gone, a well-written will make things much easier for your family. Revise with confidence: Learn 'how to change your will' on this website. Your step-by-step guide to updating your will starts here!

The best time to write a will is now. But what if things change in the future? In this guide, we'll discuss how to change your will and why you should do it.

Reasons to Update Your Will

Experts often recommend creating a will once you become a legal adult. Many people wait until they have significant assets to pass on. Whatever the case, you write these documents when alive and healthy. Things can change in the following decades, giving you many reasons to consider updating your will.

Your Financial Situation Changes

Here's the most common reason for altering a will. Things can change throughout your life, for better or worse. Either way, it's wise to update your will periodically to reflect those changes.

If your estate shrunk, you may rethink what everyone gets. If it's grown, you can consider giving a percentage to charity. Many people also downsize as they age, creating a need to reconfigure how to distribute personal property.

You Move to Another State

Estate laws can vary from state to state. While you might write your will in one state, administration occurs in the state you die in. Those laws can be completely different, resulting in issues during probate. It's wise to update your will whenever you move to another state to ensure that things go as smoothly as possible for your executor and heirs.

You Want to Change Inheritances

Finally, you can update your will to modify what your heirs get. Relationships can change, and you may have a bigger family when you die than when you created your will. Updating this document is a great way to ensure you gift your assets how you want.

How to Change Your Will

There are a few ways to change your will. If the updates are simple, you can add a codicil. Codicils are quick additions that modify or revoke part of a will.

While codicils work, most estate lawyers will tell you that the best path forward is to revoke your existing will and create a new one.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at real estate law blog.