HOW TO ALTER A WILL
As changes happen to your family and circumstances it is essential that your will should be revised. Finding out how to revise your will in case of any change of situation as an amendment to when you make your last will and testament should be based on your current situation. Changes can occur through marriage, divorce, new children and grandchildren. So, when big changes happen to your family, it’s time to think about updating a will.
SITUATIONS THAT WILL WARRANT ALTERING A WILL
Marital Changes: Changes to your marital situation are one of the most common reasons for changing a will. If you get married, you will likely want to create a new will including your spouse.
Birth of New Grandchild: It is also better to create a new will if you have a new child or grandchild you would like to leave something to.
Adoption: If you adopt a baby, you will want a new will so that you can name a guardian for that child, should you die while your child is a minor.
Death of Beneficiary: Should any of your beneficiaries pass away, the will should be revised.
Death of Executor: If your executor you should also update your will.
Change in Financial Status: A change in your financial situation it is a good idea to review your will.
Purchase of New Asset: If you obtain unique or valuable new assets (such as meaningful jewelry or a valuable painting) you may wish to update your will to leave the item to a specific person.
However, the safest and most thorough way to make changes to a will is to make a new one by this, you revoke the old one. To revoke a will, you include a written statement in your new will that you revoke all previous wills and codicils previously made by you. After this, copies of the old will should be destroyed once the new will is in effect to avoid the new one being mistaken for the old will. Then, you new will must be executed and signed according to state law and then becomes the only valid will.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
TEL: 08065553671, 08024230080