Creating a will is one basic aspect of an estate plan. This document can last forever, but revoking your last will and testament is possible if it no longer meets your needs.
Understanding the technical requirements for altering or terminating this estate planning tool is important. Failure to follow requirements to the letter could prevent you from having your wishes adhered to after your death. Let a dedicated estate planning attorney answer your questions about the revocation of a will in New Bedford.
People might choose to revoke their valid will and testament for many reasons. The purpose of this estate planning tool is to provide loved ones with an inheritance after the will maker, also called the testator, passes away. Over time, relationships can change, and the value of an individual’s estate can rise or fall.
For many people, the primary purpose of an estate plan is to ensure their spouse is cared for in the event of their death. When someone gets married, their priorities usually change. The same is true when these relationships break down and come to an end.
Changes in a family’s makeup can alter a person’s priorities, such as the birth or death of a relative. When a testator has a new child, they will generally reevaluate their entire estate plan. The same is true when someone named as a beneficiary passes away.
It may be necessary to rethink an estate plan when someone accrues large assets or significant debt. As part of this restructuring, a will revocation in New Bedford might be needed.
The testator has the option to fully or partially revoke a will. They can strike portions of the document while leaving the rest in place or terminate the will entirely.
The simplest and most common way to revoke a will is to replace it with another. When a person creates a new document, it typically includes language invalidating all prior versions. Even if it does not include this language, the court will likely hold a new writing that is entirely inconsistent with the prior version as a replacement. In general, the intent to create a new document is enough to replace the old one.
Not everyone intends to draft a new last will and testament, however. In this situation, the best way to make the intention to revoke clear is by destroying the document entirely. This is often done by tearing it to pieces or burning it. Complete destruction is enough to complete the will revocation process in New Bedford.
The decision to invalidate such a key part of an estate plan should not be taken lightly. It requires additional planning to ensure your final wishes are respected after you pass away. To ensure you comply with the legalities of revocation of a will in New Bedford, contact us to schedule a private consultation.
