At some point in all of our lives, it is our duty to create a well-rounded estate plan. Not only will doing so benefit you, but it will also benefit your family. That being said, part of creating a comprehensive estate plan is updating it every time you have had a significant change in your life. Though many people would like to simply create their estate plan and be done with it, this is seldom a good idea, as when life changes, so will the needs of your estate plan. As you know, the cornerstone document of any estate plan is a will, and when you create a will, you establish beneficiaries that will receive your assets when you pass away. That being said, there are various circumstances that may warrant an individual to update their will, and fortunately, with the assistance of a seasoned Pennsylvania estate planning attorney, this can very easily be done. Please continue reading and speak with our firm to learn more about updating your will. Here are some of the questions you may have:
What warrants updating a will?
There are many situations that would warrant an individual to update his or her will. For example, let’s say you and your spouse recently had a child. This would warrant you to appoint guardians and ensure that your child will receive your assets upon your passing, among other things. Conversely, if you recently had a beneficiary of your will pass away, you should promptly remove that beneficiary from your will and rearrange which beneficiaries will get certain assets accordingly. Additionally, if you recently got a divorce, you should take action to remove your ex from your will, as you would most likely prefer your assets to go to another family member or loved one. These are just some scenarios in which updating your will is necessary.
What is a codicil?
If you are looking to update the terms of your will, your attorney can write a codicil, which is essentially an addition to your will that will either revoke, modify, or clarify a part of your will. You will sign the codicil in front of two adult witnesses. Generally speaking, these changes are quick and simple, and we are here to help you update your will to better reflect your current situation in life. For any additional questions, or if you are ready to amend your will, please do not hesitate to give our knowledgeable Pennsylvania estate planning attorneys a call today.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.