In our last post on the subject of wills, we talked about revoking a will. This is an important step for many people out there who are looking to create a new will or want to change their will — which leads in to today’s subject.
Altering a will is another very important act for people who are managing their estate. Changing a will often means revoking your will, simply because one of the ways to change a will is to create a new one. So if you are considering making changes to your will, always remember to properly revoke your soon-to-be-old will.
With that in mind, here are a number of life events that can lead to someone changing their will:
- Getting married, obtaining a partner without marriage, or getting a divorce. Every state is going to have different laws dealing with these events, and there are basic actions that will be taken against your estate unless your will is crafted in a way to differentiate from that basic action.
- A new child, a new stepchild, or a change in heart about heirs. Some laws dictate that some of your assets go to your child upon death. If you want to alter this basic action, you will need a new will. In addition, if you have other family members who you would like to help through your estate, or if you change your mind about who you want as a beneficiary, you will want to change your will.
- Moving to a different state. Depending on how your old state and your new state deal with estate plans and community property, you may want to change your will.
In the final part of our look at wills next week, we will discuss legally challenging a will, and who has the capability of mounting such a challenge.
Source: FindLaw, “Changing a Will,” Accessed Sept. 15, 2015