A will is a testamentary document. This means it takes effect upon your death. It appoints an executor (a person who administers and distributes your assets) and makes bequests (distributes your assets among beneficiaries). A will remains valid until it is cancelled by you or if you marry after the will was made.
Nothing is ever set in concrete, and thus, your will should be a living document. It should be changed or updated as circumstances change.
The rules are slightly different in the several states, so you should get legal advice if you want to make such a will.
You can cancel your will at any time provided you are of sound mind. This can be done in many ways, some of the main ones are:
• You make a valid new will. By law this revokes prior wills when the new terms contradict the old.
• You make a valid new will and expressly revoke the old one
• You destroy your will with the intention of revoking it.
Estate planning is an area of the law of great family importance. We at Matthews Williams are able to give you competent professional advice on all estate planning matters. If we can assist you on any legal issue, feel free to contact me or one of our solicitors or call into our office for an appointment.
By Allen Duggan