How Can I Change My Will?
Life is full of changes, and as circumstances evolve, so too might your wishes for how your assets should be distributed after your passing. A will isn’t a static document; it can and should be updated with the help of an estate planning lawyer to reflect significant life events or changes in your preferences.
If you’re wondering how to change your will, Thooft Law LLC is here to help you throughout the Win Cities, Minnesota area, including Minneapolis, St. Paul, Eagan, Inver Grove Heights, Woodbury, Maplewood, Roseville, Fridley, Plymouth, Minnetonka, Edina, Richfield, Bloomington, and Apple Valley.
We can walk you through the process and provide the necessary steps to make sure your wishes are accurately documented and legally binding.
Why Might You Need to Change Your Will?
Before getting into the process of changing a will, it’s important to understand the situations that may warrant an update. Common reasons include:
Marriage or divorce: A change in marital status often requires adjustments to account for your spouse or remove an ex-spouse from your will.
Birth of a child or grandchild: You may want to include new family members as beneficiaries.
Death of a beneficiary: If someone named in your will passes away, you may need to redistribute their share.
Significant financial changes: Acquiring or losing significant assets may necessitate updates to your will.
Change in executor or trustee: If the person you’ve chosen to oversee your estate can no longer fulfill their role, you’ll need to appoint a replacement.
Relocation to a new state: Different states have varying laws regarding wills, which may require revisions to facilitate compliance.
Philanthropic goals: You might decide to include charitable donations in your estate plan.
These are just a few examples, but any change in your personal, financial, or familial circumstances might prompt the need to update your will.
Methods to Change Your Will
There are two main ways to change your will: by adding a codicil or by creating an entirely new will. Each option has its pros and cons, depending on the extent of the changes you need to make.
Adding a Codicil
A codicil is a legal document that amends specific provisions of an existing will without requiring a complete rewrite. It’s best suited for minor changes, such as:
Changing the name of an executor or trustee.
Updating the name of a beneficiary.
Adjusting small bequests.
When drafting a codicil, make sure it:
References the original will: Clearly state which will is being amended to avoid confusion.
Specifies changes: Outline the exact provisions being altered or added.
Is signed and witnessed: Follow the same formalities as the original will to guarantee its validity.
While codicils are useful for small adjustments, they can become cumbersome if you need to make multiple changes. In such cases, drafting a new will may be more efficient.
Creating a New Will
If you need to make significant changes, it’s often best to draft an entirely new will. This process involves:
Revoking the old will: Clearly state in the new document that all previous wills are revoked.
Creating a new document: Include updated instructions for asset distribution, executor appointments, and other provisions.
Signing and witnessing: Make sure the new will is properly signed and witnessed according to Minnesota’s laws.
Creating a new will with the help of an estate planning lawyer provides clarity and eliminates the risk of conflicting instructions between multiple documents.
Steps to Change Your Will
Updating your will may seem challenging, but following these steps can make the process straightforward and stress-free.
Review your current will: Take the time to carefully review your existing will. Identify the specific provisions that need to be updated or removed.
Consult an estate planning lawyer: An experienced estate planning lawyer can provide valuable guidance and make sure that your changes comply with Minnesota law.
Decide between a codicil or new will: Determine whether your changes are minor enough for a codicil or significant enough to require drafting a new will.
Draft the necessary documents: Work with your estate planning lawyer to draft a codicil or new will that accurately reflects your wishes.
Sign and witness the document: Minnesota law requires wills to be signed in the presence of at least two witnesses. Make sure all signatures are properly executed.
Store the updated will safely: Keep your updated will in a secure location, such as a safe deposit box or with your estate planning lawyer. Inform trusted family members or your executor of its location.
Common Mistakes to Avoid
When changing your will, it’s crucial to avoid errors that could render your updates invalid or cause confusion.
Mistakes to Watch For:
Failing to revoke previous wills: Always include a statement revoking prior wills to prevent conflicting instructions.
Not updating related documents: Make sure changes in your will align with other estate planning documents, such as trusts or beneficiary designations.
Improper execution: Follow Minnesota’s legal requirements for signing and witnessing to create a valid document.
Using ambiguous language: Be specific and clear in your instructions to avoid misinterpretation.
Not communicating changes: Inform your executor or key family members about significant updates to avoid surprises.
By addressing these issues proactively, you can make sure your will accurately reflects your wishes.
Key Considerations for Minnesota Residents
Estate planning laws vary by state, so it’s important to understand how Minnesota’s requirements may impact the process of changing your will.
Witness requirements: Minnesota requires at least two witnesses for a will to be valid. They must not be beneficiaries to avoid potential conflicts of interest.
Holographic wills: Handwritten wills are not recognized in Minnesota unless they meet the formal requirements for signing and witnessing.
Digital copies: While a digital copy of your will may be helpful for reference, only the original, signed document is legally binding.
Working with a local estate planning attorney makes it easy for your updates to comply with Minnesota’s specific laws and regulations.
When to Update Your Will
Regularly reviewing your will and updating it as needed can prevent future complications. While major life events often trigger the need for changes, it’s a good idea to revisit your estate plan every few years so it remains relevant.
Life Events That May Require Updates:
Marriage, divorce, or remarriage.
Birth or adoption of children or grandchildren.
Significant changes in financial circumstances.
Death of a beneficiary, executor, or trustee.
Relocation to a different state or country.
Changes in tax laws that could affect your estate.
Proactively addressing these events helps make sure your will aligns with your current wishes and circumstances.
How an Estate Planning Lawyer Can Help
While it’s possible to make changes to your will on your own, consulting an estate planning lawyer is highly recommended. They can:
Provide legal guidance: Make sure your changes comply with Minnesota laws and avoid potential pitfalls.
Draft clear, comprehensive documents: Minimize ambiguity and confusion in your will.
Coordinate your estate plan: Align your will with other estate planning documents for consistency.
Address difficult issues: Handle challenging situations, such as blended families, business ownership, or charitable bequests.
By working with an attorney, you can have peace of mind knowing your will accurately reflects your intentions and is legally sound.
Call Thooft Law LLC for Help From an Experienced Estate Planning Lawyer
Changing your will is a natural part of life as circumstances evolve. Whether you need to make minor adjustments or overhaul your estate plan entirely, taking the proper steps allows your wishes to be honored. If you’re ready to make changes to your will or have questions about the process Thooft Law LLC in Eagan, Minnesota is here to help. Contact us today to schedule a consultation.