When you lose a loved one, the last thing on your mind is how it will affect your will. But as upsetting as it sounds, the funds and assets you have set aside for them might not go to the people you want to give them to. Death is unavoidable, but taking action now can give you some control over what happens next. Here are the options available to you:
Name a new beneficiary in a codicil
You can create a codicil – a legal document that amends your existing will – if you want to keep most of your will unchanged and only modify the primary beneficiary. However, it’s important to note that you must always keep the codicil attached to the original will. If separated, it may not be considered valid.
Improperly written codicils can increase the risk of someone contesting the changes, especially if they conflict with the original will. Make sure to consult with a legal professional.
Write a new will
If you’re considering changing multiple aspects of your will, creating an entirely new one can help avoid problems down the line. The court automatically finds the latest dated will to be the only valid one. You can also include a statement revoking all previous wills and codicils to clarify and ensure that your updated wishes are legally recognized.
What happens if you don’t change your will?
California’s Anti-Lapse Law ensures that the inheritance goes to your beneficiary’s surviving children. However, this rule only applies if your beneficiary is related to you. If the beneficiary was a close friend or neighbor, the Anti-Lapse law would not apply. In that case, the inheritance would either go to a secondary beneficiary (if named) or be distributed according to the state’s Intestacy laws.
Continue to plan for your loved ones’ future
Losing a loved one is a painful experience that affects the entire family. It serves as a poignant reminder of our mortality. Taking care of your affairs becomes crucial, especially when you still have the opportunity to do so. Consider seeking legal advice and plan for the rest of your family’s future.
