A last will and testament is usually the central part of an estate plan. It controls how you want some or all of your property managed and distributed after death. Since a will is often executed far in advance of when you are likely to die, there may be changes of circumstances over time that require revisiting the will’s contents. As such, it is important to periodically review your will and to make revisions needed to ensure the document continues to reflect your goals and objectives.

You may wish to modify your will for a variety of reasons. A beneficiary may have died. Rather than letting that person’s bequest fail, you should add provisions that redirect the property to other recipients. It is also common for spouses to divorce or for relatives or friends to have falling outs. You may want to revoke a gift to a now disfavored beneficiary. In addition, there may be new people joining the family or new close friends to add as beneficiaries.

Changed personal circumstances are another good reason to update a will. Over time, you may accumulate assets that are not specified in the existing will. Conversely, you may have sold or given away assets that are referenced in the will. Also, you may have moved to another state. When a will is probated, the law of the person’s state of residence applies. The new state’s laws may inhibit some of the distributions or instructions in your will. It is a good idea to consult with your estate planning attorney when moving to another state.

There are several methods to update a will. The first is to revoke the old will and to replace it with an entirely new one. You can revoke a will by destroying it or by referencing the will in an acknowledged written instrument, stating it is no longer valid. You can then simply replace the revoked will with a new one. A completely new will makes the update clear to anyone reading it or seeking to comply with its written directions.

You can also update your will by a document known as a codicil. This is a fully executed written amendment that replaces any pertinent language in the original document. Another legally allowable method is to make a physical alteration to the original will and to execute a written declaration of the change. In earlier times, codicils and declarations were common, as rewriting an entire will was a burdensome task. However, with modern word processing software, complete redrafts are very easy to do. As such, codicils and change declarations are rare.

The Law Offices of James C. Zimmermann provides comprehensive estate planning services from five offices across Sussex, Bergen and Passaic counties in northern New Jersey. Call 973-764-1633 or contact us online for a free initial consultation.