Changing a Will

There are two ways to modify a will. One is to add a "codicil" to it. A codicil is a sort of legal "P.S." to the will, revoking part of it or adding a provision, such as a new gift of an item of property. Simple codicils made sense in the era of typewriters, when creating a brand-new will was a hassle, but today they are normally a poor idea. Codicils can create confusion -- sometimes even conflict -- and they must be dated, signed, and witnessed just like a will.

It's usually just as easy to make a new will. In it, you revoke your old one by including a simple statement like this: "I revoke all wills and codicils that I have previously made." It's also a good idea to gather all copies of your old will and destroy them.

Changing Other Estate Documents

Don't forget that much of your property will probably pass outside the terms of your will. For example, individual retirement accounts, joint or payable-on-death bank accounts, stocks registered in a transfer-on-death form, and life insurance proceeds go directly to the beneficiaries you've named. Your will has no effect on them. If you've changed your mind about who you want to inherit these kinds of property, you'll need to change the documents on which you named the beneficiary.