6 Reasons to Revoke or Change Your Will

2009-01-06T08:52:00.000-08:00

Estate planning is the process of accumulating and disposing of wealth before death of individual of group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes. Changing or revoking a will are common occurrences as your life, in this article, we will discuss reasons to revoke or change your will.

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I. Change in your financial situation
a) Lost of your job
If you lose jobs, you may need to withdraw some living expenses from the estate to subsidize to life style. If the situation has been prolong for a period of time, it may be affected enough to change the value of your estate significantly then you will need to write a new will.
b) Inheritance
If you suddenly inherit a large amount money leading for the increasing of the value of your estate significantly, you will need to write a new will.
c) Investment risks
If your estate has lost a lot money because of crash of the market, such as one of your major holding company suddenly went bankrupt, you may want to re write a new will.

II. Out of province or State or out of country move
Because laws vary from state to state and from province to province, as well as country to country, please make sure that you know their laws and adjust your will accordingly to ensure your beneficiaries still receive the property or gifts you intend for them.

III) Death of witness
Death of a witness may affect your will, if one of your witness die, you must replace your will with a new witness to protect your estate in case your will is contested after you die. Most of the time if your will is contested a judge may, ask for sworn, notarized statements or affidavits from your witnesses.

IV)) Death of executor
If your executive dies before your death, it is necessary to name someone else to look after your estate to make sure that your wishes are carried out or for what ever reason you want to name a new executor, you can amend your will by using a codicil.

V) Death of beneficiaries or change of beneficiaries
your beneficiaries are people that you intend to pass your estate to, if one of your beneficiaries dies, you can amend your will by codicil by naming the new beneficiary to take the place of the previously named one or delete his or her name, from the will to void any unnecessary that your will will be contested from the kin of the pass away beneficiary after your death.
In case you would like to change beneficiaries for what ever reason, you can also amend your will with a codicil.

VI) Death of guardian or change of guardian
Guardian is someone that you nominate to look after your minor children after you dies. If the guardian passes away before you or in case you have found a better person than the one you originally chose, you can amend your will with a codicil.

I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
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Estate Planning 27

6 Reasons to Revoke or Change Your Will