Many estate planning attorneys will tell you to update your will whenever you have a major life change. Some of the most common reasons to update a will include marriage or divorce, the adoption/ birth of a child, moving states, and more. Additionally, you may need to remove certain loved ones from your will if they pass away or are no longer in your life. Generally, it is recommended that you take a look at your will every 3-5 years to ensure that it reflects your current situation. But how exactly do you update your will? Read on to learn more about the process of updating a will in Michigan.
When Should I Update My Will in Michigan?
Many individuals may be surprised to learn that estate planning does not end once you finalize and sign your will. Instead, you’ll find that updating your will is an important step. However, it’s also important to understand when you should update your will in Washtenaw County.
Common Life Events That Require a Will Review
- Marriage or remarriage
- Divorce or separation
- Birth, adoption, or changes in guardianship
- Blended family transitions
- Changes in business or property ownership
- Significant changes in assets or debts
- Death of a beneficiary or executor
- Moving to a different state
- Substantial changes in beneficiaries
Why Updating a Will Matters
For many, updating a will may seem like an unnecessary step. However, this is critical for a number of reasons:
- Avoids confusion between old and new provisions
- Ensures compliance with Michigan laws and regulations
- Helps ensure that your wishes remain legally enforceable
- Reduces the risk of probate disputes among your heirs
- Ensures that your beneficiary and inheritance decisions reflect your wishes
How Do I Update My Will in Michigan?
A will is not a document that should be taken lightly. When updating your will, it is important to do so with care. The two main ways to update/alter your will include drafting a codicil or revoking your old will and creating a new one.
Option 1. Amending a Will With a Codicil
The first option to update your will is to create a codicil. This is a separate legal document you will attach to your will that explains the changes you have made. A codicil can explain, change, or revoke previous terms and conditions. However, this is ideal for:
- Minor beneficiary updates
- Replacing an executor
- Leaving instructions
- Minor changes in property distribution
You should understand, however, that adding a codicil is not as simple as attaching a sticky note to your will. Instead, you must ensure the following legal requirements are met:
- A codicil has the same execution formalities
- The same signature and witness rules apply
- You’ll need to ensure there are no contradictions, confusing language, or unclear instructions
Option 2. Revoking Your Old Will and Creating a New One
The other option you may wish to consider is completely revoking your previous will and creating a new one. Though this may seem unnecessary, this option is ideal when:
- You need to make extensive updates to your will
- You have undergone significant life changes
- Prior codicils already exist
- There is a risk of conflicting documentation
To ensure that your new will is adhered to in Washtenaw County, you’ll need to clearly and explicitly revoke all other versions of your will and previous codicils when drafting your new document. Additionally, creating a new will can:
- Establish a single, controlling document
- Ensure your wishes are clearly explicated to avoid confusion with multiple documents
- Provide clarity for executors and beneficiaries
How Often Should I Review My Will in Michigan?
In general, you should consider reviewing your will every three to five years. It’s important to understand that you won’t always need to update your document. However, this can help ensure that your will is still accurate and reflects your current wishes.
You may wish to review your will sooner when:
- There are changes in your family or financial status
- You relocate from or to Michigan
- There are changes in your beneficiaries
Can I Update My Will on My Own?
For many, the idea of updating a will may seem simple enough. However, there are a number of legal risks associated with navigating this process on your own, such as:
- Improper execution
- Invalid codicils
- Contradictory instructions
- Outdated wills uncovered during probate
Unfortunately, these issues can put the validity of your will at risk. In some instances, you may find that the inclusion of certain terms of conditions may invalidate part of or the entirety of your will.
As such, you may find that working with an attorney is especially important when:
- There is a blended family involved
- High-value assets are at stake
- Beneficiaries have changed
- You own a business or out-of-state property
Contact Our Michigan Estate Planning Lawyers Today
If you have any questions or concerns about updating your will, Collis, Griffor & Hendra is here to help. We want to ensure that your future is safe and secure so you can have peace of mind knowing that your wishes will be honored upon your passing. Contact us today to discuss your plans with a skilled and dedicated estate planning attorney.