It’s time to update your estate plan, and much of your attention has been focused on updating your living trust. There may be any number of reasons for the update, from the birth of a new child to the purchase of your family’s dream home in Irvine. Regardless of the reason for updating your trust, it is important to remember your will too. In some cases, it may be necessary to update both or to draft a new will entirely.
Why it Might Be Best to Draft a New Will Instead of Updating
Once you are ready to update your will, the next step is to determine whether you will work with the original will and draft a codicil, or revoke the old will and draft a new one in its place. A codicil is simply an amendment to a will. While it may seem counter-intuitive, in many cases it may be preferable to simply execute a new will rather than try and modify an old one. Here are four reasons why:
- Codicils could potentially lead to confusion if there is difficulty locating the original will.
- Codicils must be executed with all of the same formalities of the original will.
- In some cases, drafting a codicil as opposed to executing a new will takes just as much time and effort.
- When drafting a codicil, you must be careful to make sure that it fits seamlessly with the original will.
Fortunately, making the decision as to how best to update your will does not have to be done alone. An experienced and knowledgeable legal professional can help you decide what makes the most sense for your needs. If you are interested in learning more about keeping your estate plan up to date, we encourage you to reach out today. You don’t even have to pick up the phone—contact us at the time and in the place that is most convenient for you. Visit our website and fill out our easy to use online form.