When you execute a will, you don't have a way of knowing how your life will change before you die.You can lose someone close to you, have a new child, become estranged from a family member, or divorce.It is possible that you no longer want to leave your assets to someone named in your will.To remove a beneficiary from your will, you will have to go through the same process that you did when you executed your original will.
Step 1: The clauses you need to change are identified.
If you want to change your will, read it carefully.There are places where the person's name appears as a beneficiary.One of the easiest ways to change your old will is to create a new one.If you're making a new will, you have the ability to change anything that seems outdated or no longer appropriate.Since most of the language from your original will will be copied into your new one, make sure to highlight the parts you need to change.Some states may not allow you to disinherit certain people, such as your spouse or children.If you think this might be an issue, contact an estate planning attorney.
Step 2: You can copy the format of your will.
Even if you had an attorney draft the original will, you can draft a new one on your own.You should contact the attorney who drafted the original will if you plan to draft a new one.You don't have to have an attorney draft your will.They may have copies of your old will, so you want to destroy them.If you use a word processing application to create your will, you can copy the styles and margins from your original will.You don't need to acknowledge the previous will or change the title of your will.The first paragraph should say "With this will, I cancel any and all wills or codicils I previously executed."
Step 3: You don't want to change the language.
You should be able to copy everything else in your will if you only remove a beneficiary.Changing any language you don't need to may alter the effect of the will.First and foremost, a will is a legal document.You should include the language even if you don't understand it.Many people don't understand how redundant legalese can be.In the context of wills, these seemingly redundant phrases are often necessary to pass down your assets exactly you want.If you had an attorney draw up your will, this is true as well.Changing their language can result in consequences.
Step 4: Where appropriate, remove and add beneficiaries.
You should be able to simply remove the name of the person you want to remove as a beneficiary and put another name in their place.If you don't want to replace the person, but would like to give the assets to another beneficiary, you should talk to an attorney.It's possible that you gave everything in your estate to someone else.If you no longer want the specific bequest to go to a particular individual, you can simply remove the clause giving the asset to the beneficiary.
Step 5: You should sign your new will.
When you've finished drafting your new will, make sure to look over it to be sure you don't have any errors.An estate planning attorney can look over it as well.If you're happy with your draft, print it out and sign it.When you signed your original will, you followed the same procedures.If you don't remember what you did, look at the document.Do you know the number of witness signatures and whether there's a seal on them?Executing a will must be done all at once.You might want to call the people who witnessed your original will if you're required to have two witnesses.Do everything you can to destroy any existing copies of your old will, so you don't have any confusion once you've signed your new will.
Step 6: You should note the provisions you want to change.
A codicil can be used to remove a beneficiary from your will if you don't want to draft a new one.If you want to remove a beneficiary from your will, you have to read it carefully and mark the provisions.You can make a copy of your will, but don't mark on your original.The provisions you want to change should be highlighted on your copy.A note in the margins can be used to indicate how you want to change that provision.If you see anything else that you want to change or update, make a note of that as well.
Step 7: You can copy the formatting of your will.
A continuity between the two documents is created by copying the same format that was used in your will.You will want to title your codicil as well.In the event that you make another one later, identify which codicil it is.If this is your first one, you can simply title it "First Codicil to the Last Will and Testament"
Step 8: Make a list of the changes you want to make.
To identify the document as a codicil, rather than a will, you'll want to copy the same introductory paragraphs that were in your will.Make a list of the changes or additions you want to make to your will.The two documents track each other if you use the same order as in the original will.You don't need to change the entire provision.If you worry that your changes will be misinterpreted, this is something to consider.Keep your additions and changes separate.You want to use the codicil to pass on property you've acquired since you executed your will.You made changes in removing a beneficiary from your will.
Step 9: Reaffirm your will.
The rest of your assets should pass according to the terms of the original will if you end your codicil with a paragraph stating that.If you want to make sure you have the right language for this paragraph, you can find template codicil online.There are no magic words required here."Except for the changes made in this codicil, I reiterate my Last Will and Testament, dated when your will was executed," you can say.The purpose of including this language is to make it clear that what you're doing is a codicil and not a new will.If you didn't have it, dissatisfied family members could challenge your will.
Step 10: You can sign your codicil.
The same procedures were used when you signed your original will.It won't achieve its desired effect of amending your will.You have to have two witnesses in most states.You may have to sign in front of a public.To find out what procedures are required, look back at your will.You need two witnesses for your codicil if it had signatures from two people.The signatures must be made in the presence of a notary.Make a copy of your codicil and keep it with your will.If you put copies of your will in different places, you'll need to make a codicil.
Step 11: The benefits of a trust should be evaluated.
Not the least of which is that trusts are easier to change than wills.A trust is better suited to your purposes if you anticipate having to change your will many times.One benefit of a trust is that your loved ones won't have to go through the court system when you die.Since your assets are already being held by the trust, your successor Trustee simply transfers those assets to the beneficiaries you have named.Privacy is also a benefit.A trust doesn't need to be recorded with the probate court or any government agency.
Step 12: An estate planning attorney can help.
If you want to replace your will with a trust, you should talk to an estate planning attorney.If you had an attorney draw up your will, they might be willing to give you some advice on whether a trust would work for you.If you didn't use an attorney to draw up your will, you should look for an estate planning attorney in your area.It's possible to get a recommendation from a friend or family member.The directory on the website of your state or local bar association can be used to find estate planning attorneys.If you find attorneys who give free initial consultations, you may want to talk to at least two or three different attorneys.You can consider all the estate planning options that are available to you.What type of trust do you want?There are two types of trusts: a revocable trust and an irrevocable trust.An estate planning attorney can tell you which is best for you.At any point in your life, a bequest trust can be changed or ended.You won't be able to end the trust entirely without going to a lot of trouble if you make an irrevocable trust.You should consider whether you want an individual or joint trust if you're married.If you and your spouse own a lot of property, a joint trust is probably a better idea.A joint trust can dispose of both shared and individual assets.
Step 13: List your assets.
If you have already executed a will, you can use that as a guide when listing assets in your trust.You can use the list to figure out how you want to distribute those assets.If one of the main reasons you're creating a trust is to avoid probate, then anything that would go through the process is typically included in the trust.It's possible that you don't want all of your property in your trust.If you have retirement or investment accounts that already allow you to designate a beneficiary, including those in your trust can cause confusion.The assets you want to include in your trust can be found in account statements, deed, and titles.You need to transfer assets from yourself to the trust after you sign your declaration of trust.
Step 14: You can find a form.
You don't usually need an attorney to draft a declaration of trust for you.If you have a relatively simple estate, this is true.You can find forms online that you can use to make a declaration of trust.Make sure the form you choose is approved in your state.Expect to pay at least $1,000 for an attorney to prepare these documents for you.You typically won't spend more than $100 if you feel comfortable doing them on your own.Once you've drafted the document, you may be able to get an attorney to check it for errors.It shouldn't cost more than a few hundred dollars.
Step 15: You should draft a declaration of trust.
The will you've decided to replace is roughly equivalent to the declaration of trust.There are some aspects of a trust that aren't present in a will.You will list yourself as both the grantor and the Trustee in a living trust.You will remain a Trustee as long as you are alive.After you die, you'll have to name a successor.People usually name their spouse or child.You might want to use the same person for your will.The responsibilities of the trustees and successor trustees are established in the declaration.This language will be included if you're using a form.Make sure you understand what it's saying by reading through it.You will list the beneficiaries of the trust after this.You may want to create a document called a "schedule of property" so that you can remove assets from the trust at any time.
Step 16: You should sign your declaration of trust.
When you've finished your documents, look over them carefully to make sure everything is correct, all names are spelled correctly, and there aren't any errors.Signing procedures for trusts aren't as formal as those for wills, but they do vary from state to state.If you look at the form that was approved for use in your state, you may be able to tell if witnesses are required.You may want to speak with an attorney.In most states, you have to sign your declaration of trust in person.If you were executing a will, you don't usually need other witnesses.Make copies of your declaration after you sign it.Once you have gathered the documents for the assets in the trust, you can begin the process of changing those assets into a new name.