What is the Process for Changing a Will?

Did you know that you can always change your will as long as you have legal capacity? A will does not go into effect until a person’s death, so as long as they are able to understand their decision, the revision or amendment of a will can occur. What is the process for changing a will? Our New Jersey estate planning lawyers can tell you more.

Common Reasons to Change a Will 

There are many different reasons that people decide to change a will, and you can make the decision to do so for any reason as long as you have capacity. Some common reasons to change a will include but are not limited to:

• New birth in the family or new family member;
• Death in the family;
• Divorce;
• Loss of assets;
• Gain of assets; or
• Estrangement from or falling out with a named beneficiary or guardian.

Two Ways to Change a Will in New Jersey 

Under New Jersey law, there are two different ways of changing a will: using a codicil to amend the existing will, or revoking the existing will and creating a new one. As long as you have capacity, you can change a will by either method up until your death. What are the differences between using a codicil or revoking your existing will and creating a new one?

A codicil is a legal instrument that you can use to revise a part of your will, or to supplement your will. In order for a codicil to be valid and enforceable, it must go through the same process as the original will — it must be appropriately signed and witnessed. A codicil is not usually a lengthy document. As such, it is usually the best option if you only need to make a minor revision to your will, or to identify a beneficiary for a new asset that you obtained after making your original will. For more complex revisions, you may be best served by revoking your existing will and creating a new one.

It usually costs less money to use a codicil than to revoke and create a new will, but codicils can become complicated if you want to make a significant number of changes or additions to the will. You can revoke a will in New Jersey by formally creating a document that is a revocation of the will, which should be properly signed and witnessed. At the same time, simply by making a new will, you will be effectively revoking the one that came before. When you make a new will, it will be important to indicate that the previous will is invalid and revoked, and that the terms in the present will indicate your wishes.

Contact a Summit Estate Planning Attorney Today for Assistance 

Do you currently have a will, but you want to change one or more components of the will? If so, you should discuss your situation with a lawyer who can assist you. For most people, as we discussed above, the easiest way to change a will is to revoke the existing will and to create a new one. In some circumstances, however, using a codicil to revise will might make more sense. One of the experienced Summit estate planning attorneys at Dempsey, Dempsey & Sheehan can speak with you today about your situation and your options for making changes to your will as soon as possible.

Source:

law.justia.com/codes/new-jersey/title-3b/