You’ve created a will, you’re happy with the terms and conditions, and you hope that you can keep it the same for the rest of your life. However, you shouldn’t assume that this will happen, as it may be necessary to make some changes as the years go by.
Here are some situations in which a will modification may be necessary:
- A change in executor: There may come a point when you need to change the executor of your will. Maybe you had a falling out with the person currently named as executor. Or maybe this person has passed on prematurely. Don’t wait to make a change if necessary, as you don’t want the court to appoint someone upon your death.
- A change in beneficiaries: Your will outlines what happens to your assets upon your death. You can name one beneficiary or several. This can change throughout your life, such as if you go through a divorce, get married or have children.
- Adding a guardian: Maybe you were single with no children when you created your will. However, you recently brought a child into the world, so now you need to consider the impact on your estate plan. A will allows you to name a guardian for any minor children.
These are just a handful of times when a will modification may be necessary. If you’re unsure if you should make a change, review your will to refresh your memory and help guide your decision.
As you modify your will, be sure to do so with your legal rights in mind. You don’t want to make a decision that could invalidate your will upon your death.