How To Change Your Estate Plan
If you already have an estate plan, congratulations. You have already gone further than half of the population in creating a plan for family wealth. As your life and your family changes over time, your family wealth plan should be reviewed to contour to these needs. Luckily, in many cases, your plans can be changed by new writings.
An amendment to your will is called a codicil. A will may be amended if you want to make minor changes to how your assets are distributed at death. Like the rest of your will, the codicil must be witnessed by two people and signed by you. A codicil must be an additional writing, you cannot simply make changes in the margins or mark up your previous will.
If a significant length of time has elapsed since your previous will, it may make sense to create a new will instead of a codicil. Even if you set out to make a new will, inform your attorney that you have a previous one so that it can be properly canceled. Laws associated with wills change over time. A new will can take advantage of these changes and ensure that your desires are not complicated by developments in the law. Moreover, a new will may avoid complications that can be created by building on something over time.
In some instances, your family wealth plan may need to expand beyond a will. Setting up a trust and funding the trust are not daunting tasks if handled by a professional. However, the creation of a new document can affect your other plans. All of the documents in your family wealth plan should work together to create a seamless plan for the distribution of your estate. A periodic review of your family wealth plan can ensure that any changes which need to be made are addressed.