As you become older, it becomes even more important for you to have a will in place. A will can serve several purposes, depending on the needs of the creator. Your will may:
- Specify how you would like your assets to be distributed to your beneficiaries upon your death
- Name a guardian for your children or pets to care for your children if you pass away
- Name an executor to carry out your affairs
Once you have created your will, the next step will be making sure that your will meets state legal requirements. In Texas, a valid will must be written and signed by you and two competent witnesses.
Can I make changes to my will?
Many things can change from the day you create your will and the day of your death. Fortunately, you can change or update your will at any time during your lifetime. In fact, experts often encourage people to update their wills every 3-5 years or in the event of a major life change.
Major life changes that could warrant an update of your will include:
- Birth or adoption of a child
- Relocation
- Divorce or marriage
- Death of a beneficiary
- Significant increase or decrease in assets
Updating or changing a will in Texas is generally not hard to do. If you are making major changes, you may be better off revoking the original will and creating a new will.
However, if you just need to update the name of a beneficiary or make another minor change, you can just draft a codicil to serve as an addendum to your existing will. You will sign the codicil, have two competent witnesses sign it, and file it away with your original will.
The estate planning and probate process can help you protect your loved ones even after you are gone. Creating and updating your will is a crucial part of the process.