How do you update your will?

There’s a saying that “the only constant in life is change,” and most people find this to be true. As your life changes and your relationships evolve, you may find that your estate plan also needs to evolve.

Unfortunately, just about the only thing that can create more havoc than not having a will at all is having more than one will sitting around – especially if they’re very different from each other. That’s why it’s smart to take a few precautions when you find it time to update yours.

Consider revoking the old will entirely

If you’re only making a minor change in your will, you can just amend the document with a codicil. A codicil might be useful for adding or changing specific bequests, particularly where family heirlooms or personal items are involved. Codicils are also appropriate if you want to make a change in your executor or add a secondary executor in case your first choice is unable to serve.

However, if you’re making substantial changes – such as adding or removing a beneficiary entirely or updating your will to reflect a major life transition (such as a remarriage or divorce) – it is far better to have an entirely new will drawn up. The new will should formally revoke all prior wills, just for the sake of clarity.

Finally, make sure that you destroy the prior will entirely. If you passed out copies of the will to a few select people (such as your chosen executor), try to get each one back and make sure that they are also destroyed. That can eliminate a lot of potential for confusion (or a challenge to your estate plan) in the future.

Estate planning starts with a will – but it doesn’t end there. To make sure your estate plan accomplishes your goals, it’s smart to get experienced legal guidance.