As you know, human lives are fluid, with many changes occurring as we go through life. Babies are born, loved ones die, and relationships end, all of which can make your estate plan, especially your final will, fail to function as intended.
Most Carmel, Indiana residents understand that they need to update their wills when critical life changes occur. Two ways to accomplish this are to create a new will or add codicils to your existing document.
When is adding a simple codicil the right approach?
Most people want to accomplish their end-of-life goals as easily as possible. As such, they may choose to add one or more codicils to a standing will. If the changes in your life are relatively straightforward, these codicils can be effective. Three examples of life changes to consider addressing with codicils include:
- When you need to change the names of your beneficiaries if they get married or divorced
- When you need to change who will serve as your representative after your death
- When you need to correct minor errors (name spellings, etc.) contained in your will
When adding a codicil, make sure it is prepared in compliance with the law to ensure it remains valid.
If you need to make substantial changes to your final will, it is usually better to revoke your existing document and create a new one. Doing so ensures that it remains legally binding while also meeting your needs.
Whether you need to add a codicil or create a new document, be sure to review the will and estate planning laws in Virginia. Lawmakers sometimes change legal statutes, which could render your estate plan ineffective or perhaps even invalid.