When Should I Change My Will?
There is no expiration date on a will, but as family and financial situations change—and as laws evolve—wills may need updating to better reflect your intentions.
Common Life-Changing Events
Major life events that often necessitate will changes include:
- Marriage
- Divorce
- Remarriage
- Birth of a new child
Amendments vs. New Wills
Using a Codicil (Amendment)
A codicil is a separate document that amends an existing will. This approach dates back centuries and was historically used for tasks like naming heirs. Codicils require the same formalities as original wills. Most states, including Texas, require two witness signatures, though some states permit notarization instead.
When to Create a New Will
Sometimes preparing an entirely new will is preferable to using an amendment. One key example: if you originally excluded a beneficiary but now wish to include them without revealing the prior exclusion, a new will keeps the old document confidential. With a codicil, the previous exclusion becomes obvious.
Important Warnings
Never mark up or hand-edit an original will. Doing so can make probate significantly more difficult or even impossible, potentially requiring court proceedings for acceptance.
Additional Consideration
Some financial institutions have concerns about older wills, so you should inquire about their policies to prevent complications after your passing.
If you or a loved one needs assistance with elder law, probate or estate planning issues, do not hesitate to book a call with us today. We are here to help.
