Recently, we explored the issue of dealing with a lost will, which can be most easily remedied by drafting a new one. However, there are many reasons why a person may choose to change one’s will. If you find that one or more of these areas applies to you, you may want to consider making this important update in California.
The main reason that most people choose to change their will is because they wish to change who will be their beneficiaries, or who will be the executor. This often occurs because a person get’s married, or has children, or develops some other special relationship that justifies adding new beneficiaries and redefining the distribution of assets. It is important to examine the wording of your will to make sure that everything is specified exactly as you wish it to be. If the document is unclear, then an update can ensure that everyone agrees on what you meant after you have passed on, and the additional beneficiaries will be adequately served. You may also wish to remove certain individuals from your will, such as in the case of a divorce, or the death of a beneficiary.
Changing a will may also be a good option for those who have had their assets change greatly since the will was conceived. if you have gained significant assets, then it would behoove you to determine how they will be distributed. You may also wish to will an asset you previously left to one individual to another instead.
It is also wise to consider updating your will if you move to a different state than the one where you created the will. Laws governing wills and estate planning do differ between states, so a will that is perfectly valid in one state may face some difficulty being enforced in another.
Maintaining your will is essential for ensuring that your wishes are known and executed when the time comes. If you believe that it is time for you to update your will, or create a different estate planning document entirely, an experienced lawyer can help guide you through the process.
Source: Investopedia, “7 Reasons To Review Or Revise Your Will,” Glenn Curtis, accessed Sep. 20, 2016
