Do I Need A New Will or Trust to Update My Estate Plan?

If you have an estate plan, you will likely need to make changes throughout your life.  For example, you might get married, divorced, or have children.  When a major life change happens, you might wonder if you need to update your estate plan.

Estate plans can be modified without creating an entirely new plan.  If there is just one part of your will you want to change, for example, such as adding a special bequest for your new child, then you can use a codicil to do so.  A codicil is essentially an amendment to a will.  A codicil re-executes your old will while simultaneously updating a portion of it.  When you pass away, the codicil will be probated alongside your will.

If you have a trust, you may be able to do an amendment.  Your original trust agreement must allow you to amend it—if it says you cannot, then amending the trust is more complicated.  It may even require a court order if you and your beneficiaries cannot agree on the amendment.  If you have a trust that allows amendment, then you can execute a trust amendment to change part of your trust without getting the approval of the trust beneficiaries or a court.

Will and trust modifications are a convenient way to change your estate plan when only one or two parts need to be changed.  If you have many changes you would like to make, it will likely make more sense to redo your estate plan.  For example, you may have started a successful business that you would like to give to a specific family member with certain conditions attached.  This protects your business from being split between beneficiaries and potentially liquidated.  An experienced estate planning attorney can help you navigate when, and how, you should modify your estate plan.

There are many considerations that go into an estate plan.  You should revisit your estate plan regularly to ensure that it still reflects your intentions.  Every major life event should make you consider whether your estate plan is where it needs to be.

If you need a will or trust, or you’d like to update your estate plan, contact Gehling Osborn Law Firm, PLC.