As we get older, it is imperative that we create a will to ensure that our assets are distributed in accordance with our wishes. Once a will is created, it is also important to periodically update your will to ensure that it stays current and reflects your current life circumstances. Experts suggest updating your will every three to five years or anytime you experience a major life change. These life changes may include:
- Marriage or remarriage
- Birth or adoption of a child
- Relocation (moving out of state)
- Changes in relationships with beneficiaries named in will
- Sale of home or other changes in assets
- Changes in tax law
How can I modify my will in Nevada?
If you would like to update your will in the state of Nevada, you can execute a codicil which will essentially serve as an addendum to your will. You must be over the age of 18, of sound mind, not subjected to undue influence, and in the presence of two witnesses when you sign the codicil for it to be valid. You can make changes as often as you see fit.
If you have many changes to make, it may be best for you to draft a new will entirely. You will need to ensure that all copies of your old will are destroyed and that your new will states that all prior wills/codicils are revoked.
It can be challenging to update your will without the assistance of an estate planning attorney. Your attorney can review your current document and make sure that you properly execute the codicil, so that your updates are legally binding