When experiencing a major health change, people are more likely to focus on their treatment, recovery and adjustment to their new normal. While it is natural to prioritize health, updating your will is equally important.
In general, a will remains valid until you change or revoke it. However, some life changes may necessitate revisiting your will so that it truly reflects your current situation and desires.
Why updating your will matters
Major health changes can alter your perspective on life and priorities. An up-to-date will can help address concerns such as:
- Reflecting new circumstances: Your new health condition may change your financial situation, affecting how you want your assets distributed.
- Ensuring proper care: If your health condition requires long-term care, you may need to allocate funds for it.
- Changing beneficiaries: Your relationships might have changed. You may want to add or remove beneficiaries.
- Appointing guardians or executors: You might need to appoint a new guardian for your children or a new executor for your will.
- Updating powers of attorney: Your health condition might require a new power of attorney who will decide on your behalf if you cannot do so.
Neglecting to update your will may result in unintended consequences. For instance, your loved ones may not receive the adequate care and support you wish to provide after you are gone. Uncertain distribution and inadequate protection of assets can also leave them vulnerable to creditors or lawsuits.
Taking the right steps
Simply writing changes on an existing will or crossing out sections is not legally binding in California. Such alterations may invalidate the entire document. Instead, you must follow proper legal procedures to make sure the changes are recognizable and enforceable.
Updating your will, though daunting, can offer reassurance to you and your family during difficult times. When in doubt, an experienced estate planning attorney can help you in making the necessary modifications.