Writing a will as early as possible is generally a good idea. You don’t need to be older or have assets worth thousands of dollars to do it. Y
You can update your will when circumstances change. However, after signing your initial will, it becomes an official document, which means you can’t change it by simply adding the updates.
Here is how to update your will.
Make a new one
One of the ways to change your will is to create a new one, which means making the previous one invalid. If you choose this method, you will reobserve all the required procedures. This includes listing your assets and beneficiaries and how each asset will be distributed. You will also name the executor, alternate executor and legal guardians.
Further, you need two witnesses, who are not beneficiaries, to sign the will. You should also sign the will. These steps will make your new will the official one.
Create a codicil
If you don’t want to revoke your will, you can add a codicil to your existing one. With this option, you will write a supplementary document explaining the changes you wish to make to your will. This saves you from creating a new will. However, since you will have two documents stating your wishes, you should keep them safe. If one of them is lost, your will may be contested.
Which option is the best?
Both options discussed above are reliable and legally allow you to revoke or amend a will. Nonetheless, it will help to get professional guidance to know which one may work best for your case.
When the time to update your will comes, you should obtain adequate information to ensure your changes are valid, protecting the beneficiaries from challenges in the future.