Important documents impact our lives. These can include severance packages, contracts, deeds, loan documents, and wills. Many of them can be securely filed away, but your will should be reviewed periodically and updated when necessary.
A will is a legal document that determines how your heirs will benefit from your estate. As life changes, aspects of your will can become out of date. Read on to learn when you should update your will, how to update your will, and whether an attorney is necessary to legally change a will.
When Should I Review My Will?
Experts say you should review and potentially revise your will every five years. The significance of changing circumstances will dictate whether your will needs to be overhauled or if an amendment, called a codicil, is sufficient. Consider the legal process to update a will to ensure the final document stands up to any legal challenges.
The following are common reasons to update your will:
- Divorce, yours or your heir’s. Anyone mentioned in a will is legally entitled to their share of an inheritance, even if that person is divorced from you or from your family member. Consider limiting heirs mentioned to your direct descendants, rather than including their spouses.
- Having a child. It’s crucial to include the names of all offspring in your will, whether they inherit anything or not. Adopted children should be treated the same way. Omitting a direct family member can open your estate to legal challenges.
- Donating to charity. If you want to include a charitable beneficiary, such as your college, a nonprofit organization, or a foundation, it’s best to include the instruction in your will than to tell family members and hope they follow through on your wishes.
- Death of an executor or beneficiary. If your spouse predeceases you, or if your executor dies, it’s important to review and rewrite your will to enact necessary changes. When a spouse dies, the sequence of beneficiaries changes significantly, making a revision important.
- Relocation. Moving to a new state can impact the effectiveness of your will, as states have different methods of dividing assets in probate court. If you retire to a location outside of the U.S., a major revision of your will is necessary to comply with property ownership and international laws.
- Financial changes. Wills should represent your current financial situation as closely as possible. If you’ve inherited funds or lost a significant amount of money, it’s important to acknowledge that in your will so that your heirs understand how your decisions were made.
What is a Codicil?
A codicil is a formal way of amending a will. Creating a codicil allows the testator to change portions of the document without starting all over again. Codicils are frequently written to replace an executor, define the terms of inheritances, or to make provisions for minor children.
Codicils must be executed with witnesses and a notary’s signature, similar to the original will. It’s crucial to keep a copy of the codicil with your will so it is recognized and executed in a timely manner.
Do I Need an Attorney to Revise My Will?
South Carolina laws do not require an attorney to participate in creating or modifying a will, but hiring an attorney who knows state laws and their effect on wills is a good investment. An attorney can help tailor a will to work with South Carolina’s common law issues, which do not guarantee a surviving spouse the right to claim half of the shared estate.
Professionals from Lam Law Firm are available to review your existing will and explain what can be done to make sure a probate judge executes your wishes accurately. Having a lawyer’s assistance in writing or amending a will provides a stronger legal bulwark against challenges to the document.