Life is a journey filled with unexpected twists and turns. Marriages, births and even losses can all significantly impact your estate plan. As a result, your final will must be flexible enough to adapt to these changes.
Keeping your will up-to-date and ensuring it reflects your current wishes, no matter where life takes you, is important. Sometimes, a situation warrants an amendment and sometimes, a situation warrants drafting a new will and invalidating an old one.
Codicils accommodate minor adjustments
A codicil modifies an existing will without recreating the entire document. While it may not be appropriate in all situations, it can easily handle:
- Beneficiary updates. Did your daughter get married and change her name? A codicil can ensure she still receives her inheritance.
- Executor changes. Do you need a new executor to handle your affairs? A codicil allows a quick switch.
- Error control. Did you find a misspelling or error in your will? Even small mistakes can cause trouble, but codicils can fix them swiftly.
They are a convenient solution for small changes, but ensure they are legally sound and fully integrated with your estate plan.
New wills for fresh starts and clarity
Sometimes, estate arrangements need a complete overhaul. Creating a new will can remove ambiguity and define your wishes clearly in situations involving:
- Major changes. Are you changing your life significantly, like blending two families into one or embarking on a new business venture? A new will can ensure changes to your designation wishes are crystal clear.
- Extensive edits. Do you need to make numerous changes throughout your will? A new document avoids confusion and potential legal challenges while ensuring its compliance with Indiana estate laws.
Do not leave your wishes up for interpretation – seek legal guidance to better ensure that any changes you need reflect your present reality.