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3 things you should know about amending your will

by | Jul 25, 2018 | Wills & Trusts

Establishing your will is an important part of estate planning. You want to ensure that your loved ones are cared for and your estate is properly managed when you pass, so creating a document with clear directions is the best way to do so. This is exactly what a will is for, but too many people wait or make mistakes so that their estate plan is not as effective as it could be.

There are a few things you should know about the process, so if you are ready to start planning your estate, pay attention to the following three facts about wills.

1. You can use a codicil

A will is not something you write once and then forget about; over time, your needs will probably change. There might be new additions to the family, a birth or a divorce. These are just a few of the circumstances that could necessitate a revision of your will. To make small changes, you can use a codicil, which is a note indicating what changes you want to make.

2. Larger changes may need a rewrite

A codicil is ideal for making small changes because it is simply an additional document clarifying your intended amendment. For bigger changes, such as removing a beneficiary or adding a new one, you may want to consider rewriting your will. A rewrite is also a good idea if you have added several codicils over the years. You should destroy all previous versions of the will after doing so.

3. You should ensure its validity

It is important to ensure that your will is legally valid in the state of Nevada. Though you do not have to have your will notarized, according to the Nevada Secretary of State, you must still have your signature witnessed, and you must include the signatures of the two witnesses, as well, to verify its validity.