Updating your Will may feel like a chore, but it’s a crucial task to ensure your wishes are carried out precisely as you plan. Whether you’ve had significant life changes or just want to tweak the details, here’s a comprehensive guide on the dos and don’ts of updating your Will in Texas. We’ll walk you through the essentials, answer your burning questions, and help you avoid common pitfalls.
Why Should I Update My Will?
Life is full of surprises and changes. Marriages, births, divorces, and financial milestones are just a few reasons to update your Will. Ensuring your document reflects your current life situation is critical for protecting your loved ones and assets.
What if I Don’t Update it?
Imagine a scenario where you have a new grandchild, but your Will hasn’t been updated in years. Without making the necessary changes, your assets might not be distributed as you would have intended, potentially excluding the newest member of your family. Updating your Will ensures that all your loved ones are taken care of.
When Is the Best Time to Update Your Will?
Timing can be everything when it comes to updating your Will. Consider revising it after significant life events such as:
- Marriage or divorce
- Birth or adoption of a child
- Significant changes in financial status
- Death of a beneficiary or executor
- Changes in tax laws
By keeping your Will current, you avoid leaving your family with outdated and possibly irrelevant instructions.
Do Consult an Estate Planning Attorney
Consulting an estate planning attorney ensures that your updated Will complies with Texas laws. They can guide you through complex legal language and help make sure your document is legally binding. While it’s possible to update your Will on your own, professional advice adds a layer of security and accuracy.
Don’t Forget to Review Your Executor’s Status
When updating your Will, it’s crucial to review and possibly change the status of your executor. This person is responsible for carrying out your wishes, so make sure they are still willing and able to fulfill this role. If not, you may need to appoint a new executor. It’s also a good idea to name an alternate executor in case your primary choice is unable or unwilling to serve.
What Are Common Mistakes to Avoid?
Some common mistakes people make when updating their Wills include:
- Not signing the document correctly
- Failing to date the document
- Using improper witnesses
- Forgetting to update beneficiary designations on non-probate assets like life insurance policies and retirement accounts
Avoiding these mistakes ensures your Will is valid and enforceable.
How Do I Make Minor Changes?
For small updates like changing an executor or adding a beneficiary, you can use a codicil. A codicil is a legal document that amends your existing Will. It needs to be signed and witnessed just like the original Will to be valid. This method can be quicker and simpler than drafting a new Will.
Do Consider Digital Assets
In our modern world, digital assets have become increasingly important. These include online bank accounts, social media profiles, and digital photos. Ensure your Will includes instructions for managing these assets, including necessary passwords and access information.
Don’t Forget to Revoke Old Wills
When you create a new Will, it’s important to officially revoke any previous versions. This can usually be done by including a statement in the new Will that revokes all prior Wills and codicils. Destroying old versions also helps prevent confusion. Remember to notify your executor and key beneficiaries about the updated Will to ensure that everyone is aware of the most current document.
Do Discuss Your Plans With Loved Ones
Talking about your Will with family members can prevent misunderstandings and conflicts later. While the conversation might be uncomfortable, it allows your loved ones to understand your wishes and reduces the chance of disputes.
How does our online Will app work?
The Burch Law Online Will App was created for specifically for Texans, it combines the convenience of online services with the expertise of accomplished Texas attorneys. It’s a stress-free, user-friendly process. You’ll start off by completing a 12 to 13-part online questionnaire, which generally takes less than 15 minutes. After submission, your responses are reviewed by experienced attorneys, and drafts of your documents are created. You then have the option of a virtual consultation or submitting revisions. The final step is ensuring your documents are correctly signed, witnessed, and notarized – for which we provide comprehensive guidance, ensuring everything is in order.
Don’t Wait Until It’s Too Late
Procrastination is common, but don’t wait until it’s too late to update your Will. Unexpected events can happen at any time. Keeping your Will up to date ensures peace of mind, knowing that your wishes will be honored.
Contact Burch Law for Assistance
Updating your Will in Texas doesn’t have to be a complicated process. By following these dos and don’ts, you can ensure your Will reflects your current wishes and provides clear instructions for your loved ones. Remember, the key is to keep it current, clear, and legally binding.
Feel free to reach out to Burch Law for professional guidance. We’re here to help you every step of the way.
