It’s crucial to create your estate plan earlier – you don’t need to wait to own assets worth thousands of dollars or kids. Besides, you can update your plan when circumstances change. But how can you do this?
Here are two ways in which you can update your estate plan.
Draft a new document
If you want to change any of your estate planning documents, be it the will, trust or medical power of attorney, you can draft a new one with the updated information. This will revoke the existing document(s).
However, ensure you follow all the legal steps you did when creating the previous document. For example, you should have at least two witnesses when creating the new will, who will provide their signatures, among other requirements.
Create a codicil
With this option, you will create a document with the information you want to add or omit from your will. You can draft as many codicils as you wish. However, you should also meet the requirements you did when creating the will, including witnesses, testamentary capacity and so on.
If you want to update your trust, you will do so with an amendment form. This legal document will include changes to specific provisions in your trust.
What should you do after updating your plan?
When you make any changes to your estate plan, it will help to inform your executor. This way, they can quickly tell when things don’t add up during probate. Of course, you don’t need to give them in-depth details about your decision, but they should know you changed a particular document.
If you want to update your estate plan, you should obtain more information to validate the changes, protecting your wishes.