As your life’s circumstances change, you may wish or need to amend your will. This is necessary mainly if your family has grown, if family members have changed due to marriage or divorce, or if you recently purchased or sold a substantial amount of property. Another reason to revise your will is the death of a beneficiary or executor.
If you wish to amend your will, you may add a codicil or write a new will entirely. The following section contains important additional information about amending or revoking a will.
What Are Ways to Change a Will?
There are two main ways a will can be changed, either by adding a codicil or making a new will entirely. A codicil is a separate document attached to an existing will and is used to add to or alter its terms. Often, it is easier and less expensive to make a codicil than to write an entirely new will.
Moreover, some wills include a “codicil clause,” which allows someone to make a codicil to the will without writing another entire will. Without the codicil clause, a separate will must be drafted to add the changes or additions, which is more time and effort consuming.
How to Revoke a Will?
The only way to revoke a will is to make a separate, written revocation of the will. This revocation of a will is made by the testator in a separate document.
If you cannot enact it yourself, you can also give someone your power of attorney to revoke your will. However, the instructions for revocation must be signed and witnessed by you just as a will is.
What if You Lose Your Will?
If you lose your will and don’t know where it is, you should take precautions immediately to ensure that your assets are transferred following your wishes. You can also ask a lawyer to help you prepare a new will or an order declaring that the lost will is revoked.
In addition, the process to obtain a new will or order is the same as probating a will. The Personal Property Registry can also help you establish how to transfer ownership of your assets.
What Is the Importance of Seeking an Estate Planning Attorney?
An estate planning attorney can help you plan for the future. You can determine who will look after your children or who you would like to receive your property. They can also help you create legal documents, such as a will or a living will, showing the testator’s wishes. This will set grounds regarding a person’s care, funeral and burial arrangements, and dividing property and money.
Moreover, an attorney can help you ensure that your documents are legally and properly executed and that they are up-to-date and bound to the correct and most recent version. They will ensure that your documents are executed well because they can be invalidated if they are not handled delicately.
Planning for your estate is essential. A well-written estate plan will reduce the effect of taxes, give you peace of mind, and protect your loved ones when you can no longer take care of your financial affairs.
If you are looking for an estate planning attorney, Ontario Wills gives the best quality legal advice. Give us a call today!