How Many Wills Can You Have?
In general, you only need to have one will to express how you wish your assets handled upon your death. Nevertheless, a will can be re-written or updated depending on many reasons. Some of the most common ideas for updating a will include:
- Having children
- Moving to a new home
- If the appointed executor passes away
These change in circumstances warrant an update of the existing will. For example, marriage will render an existing will invalid, and a new one would have to be written. Making alterations or amendments to the will after it has been officially signed makes the will invalid. The change of circumstances can only be reflected in the will by virtue of an appendix, or a new will.
By definition, this pertains to additional document or information to a will. There is no limit to the number of codicils added to a will. A codicil is done when the owner of the will:
- Wants to make changes to the specific amount of a cash legacy.
- Wants to change legal guardians named in the will.
- Wants to change or add executors to the will.
- Wants to add new beneficiaries.
The process of adding a codicil is done the same way as writing the will. It has to be signed in the presence of two witnesses, but the witness need not be the same people who witnessed the original will.
Making a new will
Codicils are only applicable when additions to the will are minor. Significant changes such as marriage require a new will to be made instead. When creating a new will, it should include a clause stating that the new will revokes all pre-existing wills and codicils.
Destroying an old will
When a new will is made to reflect major changes, the old will has to be destroyed. It has to be either torn, burned, or destroyed in a manner where it is clear that the owner intends to revoke its validity. The owner of the will should destroy the will himself, or have someone completely get rid of the document in front of you.
If you require the assistance of a professional will making service, you can contact one of our advisers today. We can also offer face to face appointments. We can guarantee that all details related to the writing of your will shall be handled professionally.
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