Despite all the formality that revolves around them, wills are not set in stone as long as you are alive. Many people choose to revise their will from time to time, usually after a major life event. However, others need a new will altogether.
If you find yourself in the latter situation, the following crucial information can help guide you through the process.
When is starting over a better option?
Revising your will is generally the easier choice, but it can be better to create a new will in certain situations. Some common ones include:
- Extensive changes: If you need to make numerous or significant changes to your existing will, creating a new one can be clearer and less prone to misinterpretation.
- Outdated will: A will that is very old or has been amended multiple times may be inconsistent with your current wishes. Starting fresh can eliminate confusion and make sure the entirety aligns with all your wishes.
- Major life events: Events such as marriage, divorce, birth of children or significant changes in assets can warrant a completely new will to address these changes.
- Clarity concerns: If your current will contains ambiguous language that you think could be misinterpreted, creating a new one allows you to express your wishes more clearly.
It is advisable to go over your will every three to five years or after any significant life event. Depending on the extent of the changes, you can choose to either create a new will or add an amendment or codicil to your existing one.
Do you need to scrap your old will?
Yes, you will need to revoke your old will so the new one will be effective. In Virginia, simply tearing or burning your will may count as revocation.
To be sure your new will stands as the executable one, you can include a clear statement in your new will stating you revoke all prior wills and codicils.
What else should you do after revoking your will?
Speak to your executor, beneficiaries and other loved ones about your new will. Doing so can help prevent disputes in the future and ensure they know which will is current.
It is also important to consult an estate planning attorney who can help secure your will and make sure it is legally sound.
