A will is a vital part of estate planning that allows you to distribute your assets to the beneficiaries you wish. Most people put a lot of time and thought into creating this legal document. However, there are certain circumstances when revocation of a will in Cranberry Township is necessary. Learning about when a will revocation may be necessary and how the process works can help you take care of this task. If you have questions about canceling your will or would like legal guidance during the process, the experienced wills attorneys at Sechler Law Firm LLC could help. Contact us today to learn more.
Developing your Will and Testament was a major undertaking. This might leave you wondering why anyone would consider changing it. Although it’s easy to think of your life as unchanging, many common events can influence you to change your will. Some of the most common reasons people in Cranberry Township revoke their wills include:
A birth in the family brings celebration and new considerations for the future. You may choose to change your will after welcoming a new grandchild or other close relative into your family.
Your will names your closest relatives as beneficiaries because you assume they will outlive you. If an unexpected event or health condition leaves you mourning your spouse or another named beneficiary, you’ll need to change your will to pass your assets to another family member.
When your estate changes due to inheritance or other factors, your will should reflect the value of these assets. For example, you may inherit property when a close relative passes away or make a significant real estate transaction and wish to assign the property to a beneficiary.
A major health diagnosis can lead to costly medical expenses that need to be taken care of immediately or in the future. You may reallocate assets that were previously in your will to take care of these expenses to avoid leaving your family to deal with medical debt.
Typically, a spouse is named as a beneficiary and often named executor of a will. If no will exists, your legal spouse is considered your next of kin, assigned by intestate succession to distribute your assets. A separation or divorce is one of the most common reasons to revoke an existing will in Cranberry Township.
Making changes to your will usually requires you to replace the original document with a new one. A valid will revocation requires you to be mentally capable and show intent to cancel your will. If you are legally incapacitated when you revoke your will, the actions may not be legally binding.
The most common way to revoke a will in Cranberry Township is to draft a new will that revokes the prior one.
Under some circumstances, you can create a new document (called a codicil) that makes changes to the existing will. When changes to a will aren’t significant (like updating the name of a beneficiary after marriage), you can create a document that states changes you are making to your will. The codicil must be signed and dated in front of two witnesses, as when you created the original will.
Revocation of a will in Cranberry Township is not uncommon. However, it is a legal process that should be carried out carefully to ensure your wishes are observed. If you need assistance with a will revocation or other estate planning tasks, our attorneys can help. Call us today to schedule your consultation, and click here to learn more about estate preparation at one of our elder law workshops.
