How to Name a New Beneficiary of Your Estate
Find your current will., Identify the new beneficiary and alternate beneficiary., Meet with an attorney., Draft a codicil., Execute the codicil., Draft a new self-executing affidavit., Attach the codicil to your will.
Step-by-Step Guide
-
Step 1: Find your current will.
You should get the most recent copy of your will and read it.
Look through your papers or contact your attorney, who may have a copy.
You should understand exactly what you are changing, so read through the will.
Avoid trying to add a beneficiary by handwriting in a new name or crossing out an old name.
This is a good way to actually revoke the entire will. -
Step 2: Identify the new beneficiary and alternate beneficiary.
You should not only name a new beneficiary but also name one or more alternates.
If the original beneficiary dies, then you can identify who should take the property next.If you don’t name an alternate, then the property will pass according to your state’s “anti-lapse” statute.
This law typically requires that the property pass to the descendants of the beneficiary.
For example, if you left your car to your brother, then the car will pass to his surviving child. , Call up your lawyer and schedule an appointment.
They can advise you about whether you will need to draft an entirely new will or if you can just draft a “codicil,” which is an amendment.
Generally, you can use a codicil if your will is fairly simple and you are naming only one or two new beneficiaries.
However, you might need to draft an entirely new will if you have a complicated estate or are naming multiple new beneficiaries.
Describe your situation to your lawyer and ask their advice. , A codicil is a fairly simple amendment to the will.
Nevertheless, you need to make sure that it contains the proper information.
If you are in doubt, always consult with your attorney.
A codicil should include the following:
An appropriate title.
For example: “Codicil to the Last Will and Testament of Amy W.
Smith.” Explain what you are writing: “I, Amy W.
Smith, residing at 1175 West Glenlake, Chicago, Illinois, being of sound mind, declare that this Codicil to the Last Will and Testament of Amy W.
Smith is effective on this date and shall hereby amend my Last Will and Testament dated August 31, 1988 as follows….” Identify the article that will be changed.
For example, you might have left your wedding ring to your eldest daughter in Article
2.
Name the new beneficiary and alternate beneficiary.
For example, you could write: “Article 2 shall be amended to state: ‘I leave my wedding ring to my daughter, Elizabeth E.
Smith.
If she does not survive me, I leave my wedding ring to my granddaughter, Susan T.
Smith.’”State that your codicil will overrule anything in your original will which contradicts it.
Republish the will: “I reaffirm and republish my will dated August 31,
1988.” , You need to execute the codicil using the same formalities you used when executing your will.If you don’t, then the entire will could be invalid, not just the codicil.
Generally, you must sign the codicil in the presence of two witnesses, who must also sign the codicil as well.
You should not pick as witnesses someone who is a beneficiary under the will or the codicil.
You probably also need to sign in front of a notary public.
You can find a notary at the courthouse, town office, or at most large banks.
Take with you a form of personal identification, such as a driver’s license, passport, or other government-issued ID.
Talk to your lawyer if you have questions about how to execute the codicil.
Proper execution is absolutely vital, so don’t guess at what you need to do. , When you die, the probate court needs to confirm that the will was your final last will and testament.
Typically, the judge will have to hear testimony from your witnesses.
However, today, you can also draft a “self-executing” affidavit, which proves the validity of the will without the need for witness testimony.This affidavit is not required.
However, it can make proving your will much easier.
Check your state law.
Some state legislatures have created an approved affidavit you can adapt., Keep the codicil in the same place as your will.
Make sure to physically attach it to your will.
You should also give copies of the executed codicil to anyone with a copy. -
Step 3: Meet with an attorney.
-
Step 4: Draft a codicil.
-
Step 5: Execute the codicil.
-
Step 6: Draft a new self-executing affidavit.
-
Step 7: Attach the codicil to your will.
Detailed Guide
You should get the most recent copy of your will and read it.
Look through your papers or contact your attorney, who may have a copy.
You should understand exactly what you are changing, so read through the will.
Avoid trying to add a beneficiary by handwriting in a new name or crossing out an old name.
This is a good way to actually revoke the entire will.
You should not only name a new beneficiary but also name one or more alternates.
If the original beneficiary dies, then you can identify who should take the property next.If you don’t name an alternate, then the property will pass according to your state’s “anti-lapse” statute.
This law typically requires that the property pass to the descendants of the beneficiary.
For example, if you left your car to your brother, then the car will pass to his surviving child. , Call up your lawyer and schedule an appointment.
They can advise you about whether you will need to draft an entirely new will or if you can just draft a “codicil,” which is an amendment.
Generally, you can use a codicil if your will is fairly simple and you are naming only one or two new beneficiaries.
However, you might need to draft an entirely new will if you have a complicated estate or are naming multiple new beneficiaries.
Describe your situation to your lawyer and ask their advice. , A codicil is a fairly simple amendment to the will.
Nevertheless, you need to make sure that it contains the proper information.
If you are in doubt, always consult with your attorney.
A codicil should include the following:
An appropriate title.
For example: “Codicil to the Last Will and Testament of Amy W.
Smith.” Explain what you are writing: “I, Amy W.
Smith, residing at 1175 West Glenlake, Chicago, Illinois, being of sound mind, declare that this Codicil to the Last Will and Testament of Amy W.
Smith is effective on this date and shall hereby amend my Last Will and Testament dated August 31, 1988 as follows….” Identify the article that will be changed.
For example, you might have left your wedding ring to your eldest daughter in Article
2.
Name the new beneficiary and alternate beneficiary.
For example, you could write: “Article 2 shall be amended to state: ‘I leave my wedding ring to my daughter, Elizabeth E.
Smith.
If she does not survive me, I leave my wedding ring to my granddaughter, Susan T.
Smith.’”State that your codicil will overrule anything in your original will which contradicts it.
Republish the will: “I reaffirm and republish my will dated August 31,
1988.” , You need to execute the codicil using the same formalities you used when executing your will.If you don’t, then the entire will could be invalid, not just the codicil.
Generally, you must sign the codicil in the presence of two witnesses, who must also sign the codicil as well.
You should not pick as witnesses someone who is a beneficiary under the will or the codicil.
You probably also need to sign in front of a notary public.
You can find a notary at the courthouse, town office, or at most large banks.
Take with you a form of personal identification, such as a driver’s license, passport, or other government-issued ID.
Talk to your lawyer if you have questions about how to execute the codicil.
Proper execution is absolutely vital, so don’t guess at what you need to do. , When you die, the probate court needs to confirm that the will was your final last will and testament.
Typically, the judge will have to hear testimony from your witnesses.
However, today, you can also draft a “self-executing” affidavit, which proves the validity of the will without the need for witness testimony.This affidavit is not required.
However, it can make proving your will much easier.
Check your state law.
Some state legislatures have created an approved affidavit you can adapt., Keep the codicil in the same place as your will.
Make sure to physically attach it to your will.
You should also give copies of the executed codicil to anyone with a copy.
About the Author
Doris Turner
Professional writer focused on creating easy-to-follow lifestyle tutorials.
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