Changing your will vs. making a new will when it’s time to update your estate plan

There may come a time when the circumstances of your life have changed and you need to update your will. These circumstances can include a new marriage, a new child, a divorce, or having a new financial status, such as winning the lottery and becoming a millionaire.

Updating a will can be done in two ways. You can change your existing will by making what is called a codicil or an official update which is done with the same formalities as your will. A codicil should not be made without the assistance of a lawyer so that you do not undo or change anything in your existing will that you do not want done. It can also be just as expensive as an existing will, requiring about the same time and work as a will. Any changes you make to your codicil will also be recorded, as anyone will be able to see what you changed and what you originally had in your will. This could be a problem if your codicil gave a family member a smaller share of the estate, since the family member will be able to see what they would have received under the original will.

A second way that may be easier and more efficient to update your will is to make a completely new will. This can easily solve the same problems as a codicil with a newer document that removes the changes made to the old testament. A new will may also be better because it reflects your current state of mind and any changes in circumstances that may have occurred since your last will was made. It is always a good idea not to leave doubts in the minds of anyone who may read or interpret your will in the future. They will have no idea what was going through your head when you were making the will and may have to rely on outside clues that may or may not have anything to do with what you were thinking. It is best to remove all doubt from those who may read or question your will by making a new and current will that reflects your most current issues in your life and your state of mind. A lawyer can make a new will for you that will help you more in the long run.