Long Island Elder Law & Estate Planning

Modify Last Will and Testament

Like most people, a Last Will and Testament was probably the first estate planning document you executed. Although you may have added to your estate plan since executing your Will (or will do so in the future), your Will likely remains the foundation of your comprehensive estate plan. Hopefully, your Will reflects your wishes at the time the document was executed; however, what happens if those wishes have changed since then? Can you make changes to your Will? To help answer that question, the Long Island attorneys at Eghrari Law Firm explain when and how to modify your Last Will and Testament.

Last Will and Testament Basics

A Last Will and Testament is a vital legal document through which a Testator (the person who creates the Will) directs the distribution of their assets after their death. Additionally, a Will allows the Testator to designate an Executor to handle estate administration and to appoint a Guardian for minor children if necessary.

Why Might You Want to Change Your Will?

Estate planning is not something that is ever truly “done.” Over the course of your lifetime, you will experience numerous changes to your life and family, some of which are literally life-altering while others are seemingly insignificant. Because your life circumstances are subject to change, your estate plan, including your Will, should be reviewed and updated on a routine basis. There will also be times when a change needs to be made immediately. Common reasons to review and revise your Will include:

  • Marriage or Divorce: A new marriage or a divorce can significantly impact your overall estate plan, prompting you to include a new spouse or remove an ex-spouse from your Will.
  • Birth or Adoption: The birth or adoption of a child or grandchild may prompt you to update your Will to include them as beneficiaries.
  • Death of a Beneficiary: If a beneficiary predeceases you, you will need to adjust your Will accordingly.
  • Changes in Assets: A well drafted Will should account for relatively minor changes in assets; however, acquiring new valuable or significant assets or disposing of existing ones may necessitate changes to how your estate is distributed.
  • Change in Executor: You may want to appoint a different Executor due to changes in relationships or the current Executor’s ability or willingness to serve.

How to Modify Your Last Will and Testament

Life events such as marriage, having children, acquiring wealth, and moving to a new location can render an old Will outdated. To ensure your Will remains accurate and legally binding, it is crucial to follow the correct procedures when making modifications. Consulting an experienced estate planning attorney is highly recommended to ensure proper execution of any changes. Common methods to modify a Will include:

  • Codicil: A codicil is a written document that specifies changes to your Will. This is appropriate for minor updates, such as changing the Executor’s name or modifying a beneficiary’s bequest. Creating a codicil requires documenting the changes and signing it in front of witnesses. Keeping the codicil with the original Will is important. While creating and executing a codicil can be simple, legal guidance is advised to prevent potential issues that could turn into a legal dispute when the Will is submitted for probate following your death.
  • Revoke and Rewrite: For significant or numerous changes, drafting a new Will is often better than creating a codicil to avoid confusion and reduce litigation risks. Working with an estate planning attorney ensures the old Will is properly revoked and the new one is valid.
  • Letter of Instruction: Some updates, not directly altering the Will, can be addressed through a Letter of Instruction. This document clarifies decisions made in the Will or provides extra guidance for the Executor and beneficiaries. Although not legally binding, signing and dating the letter is advisable.
  • Personal Property Memorandum: If your Will references a personal property memorandum, you can update it by replacing the old one. This memorandum lists personal items with details such as account numbers, locations, and values. For it to be effective, your Will must reference it. Always sign and date the new memorandum intended to replace an old one.

Do You Need to Modify Your Existing Last Will and Testament?

For more information, please join us for a FREE estate planning seminar. If you need to make changes to your Last Will and Testament, contact the Long Island estate planning attorneys at Eghrari Law Firm by calling us at 631-265-0599 to schedule your appointment.

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About Eghrari Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill Read More!