If you have a Will, be sure to keep it updated when there are important changes in your life. Your Will should not be stored away and forgotten. Take it out and review it at least annually to be sure that it still works properly, especially if things have changed in your life.
Here’s a list of the Top Ten Reasons you may need your Will updated:
- Birth of a Child
- Death of Someone Receiving Property Under the Will (a Beneficiary)
- Moving to a New State
- Receiving a Large Inheritance
- Your Named Executor Passes Away
- The Guardian for Your Minor Children Passes Away
- You No Longer Have a Good Relationship With Someone Named in Your Will
- You’ve Changed Your Mind About Who Should Receive Your Property
If any of these reasons apply to you, it’s important to see an attorney as soon as possible to get a new Will or a Codicil prepared. You’re probably wondering, “What’s a Codicil?” It’s a legal document that changes the terms of a Will. It’s similar to an amendment to a contract, but it must meet the same legal requirements of a Will in order to be valid. A Codicil is a good option if you only have a few changes to your Will. If there are a lot of changes, or if your life situation has changes significantly, it’s usually better to get a new Will.
If it’s been a while since your Will was done, give us a call at 940-692-7800 and we can work with you to determine if you need a new Will or a Codicil.