Episode 82: The RIGHT WAY To Change Your Will

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This week, John explains what a codicil to a will is, when they’re a good idea, and when you should not do a codicil.

A codicil is an amendment to a will. They can be used when there is a smaller change and it seems easier than doing a whole new will. But codicils can have problems and aren’t always the best choice.

Is there a time and place for a codicil?  Yes, if no one is going to be mad, and challenge the change that you’ve made. If you’re changing beneficiaries, or executors, and someone is going to be upset, you really should do a whole new will.

In order to do a new will, you need to make sure it is clear that you are making previous wills invalid. There are two ways to revoke a will: to physically destroy it, or to make a new will. John points out how physically destroying a will might not be enough.

John then explains that transferring property outside of the will might be even better. Using a payable on death or transfer on death designation means that the money or proceeds will go to the person you designated without going through the will at all.

Highlights:

Is there any value in doing your codicil in blood?

Did John do Devin’s will?

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Once a month, Devin and John answer listener questions.  Send your questions to questions@bigpictureretirement.net.  They can’t answer every email or question on the air, but you’ll help them know what listeners need to know.