Life changes over time, and your will needs to reflect those changes because major events can affect your plans. Keeping your will up-to-date helps protect your loved ones and avoids confusion.
What major life events are suitable occasions for updating your will?
Certain life events should prompt you to review and possibly update your will:
- Marriage or divorce: After getting married, you may want to include your spouse in your will, and you’ll likely want to remove your former spouse after a divorce.
- Birth or adoption of a child: You may want to add your child as a beneficiary and name a guardian.
- Death of a beneficiary: If someone you named in your will passes away, update it to reflect your new wishes.
- Moving to another state: Different states have different laws about wills, so make sure your will follows local law if you move to Virginia.
- Changes in assets: If you buy or sell property, inherit money, or start a business, update your will to reflect these changes.
These are not the only circumstances that could merit amending or drafting a new will, so talk to your family and advisors about making updates at any time it seems appropriate.
How can you update your will in Virginia?
To update your will, you have two main options: making a codicil or creating a new will. A codicil is a legal document that makes small changes to your will. You must sign and witness it, just as you did with your original will.
On the other hand, a new will is better when you need major changes. When creating a new will, you should state that it replaces all previous versions.
It is a good idea to review your will every few years, even if no major events have happened. This ensures your wishes are still the same and that your will follows current Virginia laws, giving you peace of mind and making things easier for your loved ones.
