Choosing to execute a will is a wise and responsible decision. A will allows you to live with peace of mind knowing that your property will go to those you want it to after you pass away.
A will can also contain information on burial or funeral arrangements so your family knows exactly what you want done.
Common reasons to modify a will
However, there may come a time when you want to change the terms of your will. There are various reasons people modify their wills. Death, divorce, disputes between you and your loved ones or changed circumstances are examples of reasons that people modify their will’s terms.
When you decide to modify your will, it is important to understand the requirements involved and take the necessary steps. Failing to properly modify a will could mean the terms of an old will remain legally valid.
This could lead to an undesirable outcome, such as the bulk of your estate going to a former spouse or a family member you no longer trust being appointed as your will’s executor.
There are two different ways in New York to change your will. You can create an entirely new will or amend your current will with a codicil.
Creating a new will
Creating a new will is generally the preferred way of modifying a will. But before you create a new will you must properly revoke your old will. Not revoking an old will can lead to the will being challenged in court and create confusion and stress among your loved ones.
You can properly revoke your old will by physically destroying it. The entire will must be destroyed. You should not simply cross out your signature or certain lines. Physically destroy your will by tearing it, shredding it, burning it or taking any physical act that destroys the will.
Additionally, when you create your new will, include a line stating that the will revokes all previous wills. Completing both these steps legally revokes your old will.
Creating a codicil
A codicil is an addition or amendment to your current will. You must follow all the legal requirements to create a codicil as you do a new will. It is also best to include language stating that you intend this to be a codicil to your current will.
Since a codicil is not a complete will, but rather an amendment to an existing will, there is a greater chance of confusion. This is why many people choose to create a new will.
Keeping your will safe
Whichever method you choose, keep the original and all copies of your new will or codicil in safe places, such as a lock box or safe.
It is a good idea to keep the original will and copies in separate locations so that all cannot be destroyed at once. Give a few copies to trusted people. Tell your executor about your new will or codicil and where it is located.
This is an overview of the options and proper ways to modify a will. Taking the time to perform all steps accurately and completely reduces the chance of future conflict.
