When you create your estate plan, many do so under the assumption that their word is set in stone and cannot be changed. While this may be true, it’s vital to understand that some loopholes could impact the distribution of assets left in your will, even if you ensure it is impenetrable. If you want to know how it is possible to change a will, keep reading. You’ll also need to enlist the help of a Woodland Hills will attorney to guide you through the process of creating or executing a will.
Why Would Someone Want to Change a Will?
There are a few reasons that the beneficiaries of a will may want to change it after the creator’s death.
For example, if a group of children feels like one sibling received less, the other siblings may want to relinquish more of their own inheritance to ensure that all siblings are awarded equal assets. Similarly, if a child is born after the creator has passed, the beneficiaries may believe the creator would have left them an inheritance. As a result, they may agree to alter the will to accommodate the new addition to the family.
Another reason that some may want to adjust the will of someone after they’ve passed is that the creator frequently mentioned making an amendment or modification to the will but did not get the chance to before their death.
Is It Possible to Modify a Will?
Generally, it is not possible to change a will after the creator has passed away unless all parties the change would affect agree to the change. This is called a deed of variation, requiring everyone to sign a document. Similarly, a deed of disclaimer could be used if a beneficiary does not want to accept the inheritance that’s been left and does not have a preference as to who it goes to next. However, if you are given part of a joint gift with others, you’ll need their permission to relinquish your share of the inheritance.
However, it’s important to note that if a beneficiary is under 18, their share cannot be changed as they are not an adult and thus cannot agree to the changes. Similarly, if the change impacts a number of beneficiaries are impacted and do not all agree, the beneficiaries will not be able to change the outcome of the will.
If you have questions about this process, ensuring you contact an estate planning attorney as soon as possible is essential. At the Law Offices of Yacoba Ann Feldman, we believe you should have complete confidence in your will. Contact our legal team today to connect with a competent attorney to learn how we can help you.
