As one year ends and a new one begins, it’s natural to think about fresh starts and future goals. Many people make New Year’s resolutions to exercise more, spend less, or finally tackle that cluttered garage. But have you ever thought about whether your will reflects your current wishes and circumstances?
Life changes quickly—marriages, divorces, new additions to the family, or shifts in your financial situation can all leave your current will out of sync with your intentions. An outdated will can create unnecessary confusion and stress for your loved ones. That’s why the start of a new year is the perfect time to review your will and make any changes to align with your current wishes.
In this blog, an estate planning attorney from PJI Law, PLC explains when to change your will, how to change your will, and common mistakes to avoid.
When Should You Change Your Will?
Major life changes often signal the need to update your last will and testament (“will”). Keeping your will current ensures that your estate is distributed according to your wishes and can prevent potential disputes among your heirs. Common triggers for updating your will include:
- Marriage, Divorce, or Remarriage: Entering into or ending a marriage significantly alters your personal and financial circumstances. After getting married, you may want to include your spouse as a beneficiary or appoint them as an executor. In the event of a divorce or remarriage, it’s important to revise your will to reflect these changes, which might involve removing a former spouse or adding new family members such as stepchildren.
- Birth or Adoption of Children or Grandchildren: Welcoming a new child or grandchild into your family is a joyful event that also necessitates updating your will. Adding them as beneficiaries ensures they are provided for in your estate plan. You may also wish to appoint a guardian for minor children to care for them if something happens to you.
- Death of Beneficiaries or Executors: If someone named in your will—whether a beneficiary, executor, or guardian—passes away, you’ll need to update your will accordingly. This ensures your assets are distributed as you intend and that capable individuals are in place to manage your estate.
- Significant Financial Changes: Major shifts in your financial situation, such as acquiring or selling substantial assets, receiving an inheritance, or starting a new business, can affect how you want your estate distributed. Updating your will allows you to account for these changes and manage any potential tax implications.
- Changes in Relationships: Relationships evolve over time. If you’ve become estranged from or reconciled with someone named in your will, you may want to adjust your estate plan to reflect your current feelings and intentions.
- Relocation to a New State: Moving to a different state can impact your estate plan because estate laws vary by state. If you’ve relocated to Virginia from elsewhere, it’s important to review your will to ensure it complies with Virginia’s legal requirements and addresses any state-specific considerations.
- Desire to Add or Change Charitable Contributions: If you wish to add, remove, or modify charitable donations in your will, updating your estate plan ensures your philanthropic goals are accurately reflected.
Even if no major changes occur, reviewing your will every three to five years helps confirm it aligns with your current circumstances and wishes. Regular updates provide peace of mind that your estate plan accurately reflects your intentions and can prevent unintended consequences down the road.
Options for Changing Your Will
Codicil
A codicil functions as an amendment to your existing will. This legal document must meet the same requirements as the original will, including witness signatures. Codicils work well for minor changes, such as updating an executor or adding a beneficiary. However, if you need to make multiple changes, drafting a new will is often more efficient.
Create a New Will
For substantial changes, writing a new will often proves more effective than using multiple codicils. Your new will should explicitly state that it revokes all previous wills and codicils to prevent any confusion or conflicts. The new document needs to meet all Virginia legal requirements and should comprehensively address your current circumstances.
Steps to Create a New Will
The process begins with a thorough inventory of your assets and property. This includes both tangible and intangible assets, such as real estate, vehicles, bank accounts, investments, and digital assets.
- Determine Beneficiaries: Decide who should receive your assets and in what proportions. Include alternate beneficiaries in case your primary choices are unable to inherit.
- Choose an Executor: Select someone trustworthy and capable of handling estate administration. Consider naming a backup executor as well.
- Draft the Will: Work with an attorney to ensure the will complies with Virginia law. This includes having two witnesses present for the signing.
- Store the Will Safely: Place the will in a secure location, such as a fireproof safe or safety deposit box, and inform your executor where to find it.
Common Mistakes to Avoid
- Failing to Revoke Old Wills: Without a clear revocation clause, old wills may cause confusion.
- Not Updating Beneficiary Designations: Ensure life insurance policies and retirement accounts align with your will. These designations typically override your will’s provisions.
- Ignoring Digital Assets: Include instructions for managing cryptocurrency, online accounts, and digital photos.
- Overlooking Tax Implications: While Virginia doesn’t impose an estate tax, federal taxes may apply to larger estates.
Should You DIY or Consult with an Attorney?
Creating or updating a will might seem like a task you can handle on your own with a DIY template or online service. However, even small errors—such as improper witnessing or vague language—can lead to significant issues that delay estate administration or invite disputes.
Working with an estate planning attorney offers a personalized approach that makes your will legally sound and tailored to your situation. Whether your estate is straightforward or complex, professional guidance can help you make informed decisions and avoid pitfalls. While it may involve an initial investment, consulting with an attorney helps protect your wishes and safeguard your loved ones.
Is It Time to Change or Create a New Will?
As life changes, your will should keep pace. Whether you need to make updates to reflect recent events or start fresh with a new will, PJI Law can help you determine the best path forward. Our estate planning attorneys will review your current will and overall estate plan, providing personalized guidance to make certain that your wishes are clearly documented and legally enforceable.
Updating or creating a will is about more than just following Virginia law—it’s about protecting your loved ones and making thoughtful decisions for the future. If you’ve been searching online for “last will and testament attorneys” or “attorney for wills near me,” contact PJI Law instead. Call us at (703) 865-6100 or use our confidential online form to schedule your consultation. Together, we’ll create an estate plan that gives you peace of mind for the new year and beyond.
At PJI Law, you’ll receive personalized service and attention!
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
PJI Law, PLC
3900 Jermantown Rd, #220
Fairfax, VA 22030
(703) 865-6100
https://pjilaw.com
