Here are some events that should nudge you towards making a new Will or writing a Codicil and reviewing beneficiary designations you have made in time past.
Use Of Codicils
There are two ways to modify a Will. One is to add a ” codicil” to it.
A codicil is a sort of legal” P.S.” to the Will revoking part of it or adding a provision such as a new gift of an item of property. Using codicils made sense in the era of typewriters because creating a brand new Will was a hassle. Today, the use of codicils is no longer the order of the day.
Codicils can create confusion – sometimes even conflict – and they must be dated, signed, and witnessed just like a Will. Worthy of note is the fact that codicils should only be used for relatively minor matters.
In recent times, it is easy to make a new Will. The new Will should however revoke all previous Wills and any codicil in order to avoid any ambiguity that may arise in the interpretation of your latest Will. It is also a good idea to gather all copies of your old Will and codicil (if any) and destroy them.
Changing Other Estate Documents
Do not forget that some of your property will probably pass outside the terms of your Will. For example, individual retirement accounts, joint or payable-on-death bank accounts, stocks registered with a transfer-on-death form, and life insurance proceeds go directly to the beneficiaries you have named.
Your Will has no effect on them. If you have changed your mind about who you want to inherit these kinds of properties, you will need to change the documents in which you named the beneficiary.