Creating a will is an essential step in preparing for the future, but what if conditions change? A few years down the line, your circumstances may differ, requiring some edits or additions to your existing will. The good news is that you can change your will at any time. This way, you can ensure that your loved ones and assets are protected, no matter what the future holds.
How Often Should I Update My Will?
As we move through life, our circumstances and relationships are constantly changing. This means a will that was perfectly reasonable a few years ago might not reflect your current wishes and priorities. That's why it's important to review and update your will every three to five years. Doing so ensures that your wishes are properly documented and that your loved ones are provided for in the way you intend.
Additionally, updating your will regularly can help avoid confusion, disagreements, and even legal battles among family members after you pass away. It can be difficult to think about our eventual passing, but taking the time to update your will can help relieve your family of the stress of guessing what your wishes would have been.
Common Reasons to Update Your Will
Updating your will is one of the most important things you can do to ensure that your loved ones are taken care of after you pass away. There are several reasons why you should review and revise your will regularly.
Common reasons to update your will include:
- Moving: It’s important to update your will when you move. Especially when you move to a different state, making adjustments can help ensure your wishes are followed through. Colorado recognizes wills signed in other states. However, working with an attorney can help make sure your will is supported by Colorado laws.
- Marital changes: If you’ve gone through a divorce or marriage after last updating your will, it’s important to revisit it again. Updating your will after this life change can help to ensure your beneficiaries are up to date.
- New family members: As time passes, new children or grandchildren may join your family. You may decide that you want to change or add inheritances in this case.
- New laws: Bills and legislation are always changing and keeping up with them can ensure that your will is not negatively affected.
- Asset changes: If you’ve experienced any changes with your assets, amending your will is important to ensure that it accurately documents your assets and estates and your wishes with them after passing.
- Beneficiary changes: Over time, name beneficiaries may pass away, you may decide to add a new beneficiary, or you may make the decision to redistribute inheritance among your beneficiaries.
How Can I Update My Will?
An amendment to your will is known as a codicil and it must be signed, dated, and witnessed. Instead of writing directly on your original will, you’ll want to execute a codicil or a new will if you’re making significant changes. Writing in new sections or scratching out old ones can lead to confusion and may result in court involvement or even litigation.
If you’re looking to making changes to your will, working with a lawyer experienced in wills can help make the process smoother. Our will and estate lawyers at the Law Office of Alexandra White, P.C. have years of experience helping clients.
Call today at (303) 647-4245 or contact us online to learn more about how we can help.