- Your Last Will and Testament needs to be updated in order to remain relevant to your personal and financial situation.
- When updating your Will you will need to create a codicil for small changes, or an entirely new Will for bi changes.
- A fiduciary expert should always be consulted when creating or updating your Will, since there are many technicalities and laws to take into account.
Why your Last Will and Testament needs to be updated
Your Last Will and Testament determines how your Estate is divided upon your death. Since you accrue different assets in different amounts throughout your life, and you familial situation is ever-changing, it becomes paramount to update your Will regularly to reflect these changes.
To guarantee your beneficiaries get everything you hoped they would from your Estate, you need to have a comprehensive Last Will and Testament in place, covering every asset you have accumulated in your lifetime.
How to update your Last Will and Testament
You can update your Last Will and Testament by either a codicil or a creating an entirely new Will. A codicil is a legal document which allows provisions to be made to your Will. The provisions are usually small, like adding a new beneficiary.
If you are planning on making big changes to your Will, such as adding multiple beneficiaries while allocating different parts of your Estate to each, then the creation of an entirely new Will is the best solution.
Changes to your Last Will and Testament should never be attempted alone however: a qualified fiduciary advisor will understand the ins and outs of the legal framework surrounding Wills and their provisions. In order to ensure that your Will is placed into the legal system without any delays (like signatures missing and documents missing), you should consult your fiduciary advisor and allow them to make these provisions for you.
If you’re ready to make changes to your Last Will and Testament, get in touch with Crest Trust today and ensure your Estate ends up in the right hands.