What happens if you decide to change your will?
If you have made a Will and a change has occurred in your life where a modification in the will is required, there are a few things you should know and do. For example, the fact of a newborn child welcomed to your family sometimes require to make changes to the existing Will document. Another example of what makes people to change the will is the expansion of the family business which requires estate plan to be changed and consequently the Will. There are ways to change your will by Codicil or a new will document.
What is a Codicil?
A codicil is a way to make minor changes in the existing will document, meaning that it is an additional legal document that explains or alters your will. This document will only be valid if it satisfies all the legal requirements for a valid Will.
If a testator is just making one or two simple changes, then a codicil is the best way to make the changes in the Will. However, if multiple or significant changes should be done to the Will a new Will would be the best solution.
Writing a new Will Document
Creating a new a Will document is a solid solution in case you want to make an important or extensive change to the structure of your will. Also, the new Will document is required in situations where the impact of your changes would be unclear if you only used a will codicil. An example of a significant change can be a new trust clause once the original did not have any trust. This type of change would impact many other provisions in the Will.
Revoking the old Will and making a new one will reduce the possibility of any confusion that could come from having an add-on to your will. The new will document would be a straightforward process. In addition, it is important to keep in mind that the Will is one whole document, and all the Will clauses are connected and complementary to each other. For this reason, a new Will would be the best solution. There are always cost-wise considerations for creating a new will document. In most cases, the advantages overweight the disadvantages and justify the cost of the new Will.
Revoking a Will in marriage
Certain life-changing decisions will automatically revoke the will. Important to note that the Will is revoked by marriage. This means that the entire Will is cancelled unless the will was made with the marriage in mind. The will document will be considered as a Will that was made with the marriage in mind, if includes a statement which refers to the upcoming marriage and the name of the spouse.
Conclusion
It is highly suggested to review the Will and update it from time to time. In case the testator wished to make changes, the legal professional will review the Will and advise whether it needs to be changed or revoked by a new Will.
We can help you with this, process please do not hesitate to contact us at Buzaker Law firm via “CONTACT US “ form, telephone at (905) 370-0484, or via email at info@vblegal.ca
Contact us now to schedule a free 30- minute assessment meeting.
