When and How to Update Your Will

When and How to Update Your Will
Your will reflects the time when it was created. Many people intend to update their wills but often fail to do so. You can always change your will by adding a codicil (an amendment), but how do you know when to change it?

Here are some circumstances that make it vital to update your will:

• You want to name a different executor, trustee or guardian.
• Your assets have significantly increased or decreased in value.
• You've moved to another state.
• Your situation or a beneficiary's situation has changed. Has your family changed because of marriage, divorce, birth, adoption or death?
• You want to include a charitable gift to PETA in your will. If you wish to remember PETA and animals, consider leaving us a percentage of your estate or the balance remaining after bequests are distributed to your loved ones.
  Double Check
  When changes occur in your life, remember to update your estate plans for assets not controlled by your will. For example, you may need to change beneficiary designations on your retirement plan assets or life insurance policies.

  How to Update Your Will
  Step 1: Obtain a copy of your current will.
  Step 2: Mark the areas you'd like to change.
  Step 3: Meet with your estate planning attorney to draft and prepare your new document.
  Step 4: Consider discussing changes with us if they may affect PETA.
  
  Contact your estate planning attorney if you have additional questions on updating your will. If you are considering including a gift to PETA in your will, please contact Tim Enstice at 757-962-8213 or Legacy@peta.org
  
  Share the sample bequest language for PETA with your estate planning attorney.
  
  
  

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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.