Revoking a joint will can be a crucial decision for couples wishing to update their estate plans. This guide will walk you through the process of revoking a joint will, providing clear examples to help you navigate the steps effectively.
Understanding Joint Wills
Joint wills are legal documents created by two individuals, typically spouses, that outline how their assets will be distributed after their deaths. However, circumstances can change, necessitating the revocation of such a will.
Example Process for Revoking a Joint Will
If you find yourself in a situation where you need to revoke a joint will, follow these steps:
1. Review the Current Joint Will
- Example: Jane and John Smith created a joint will in 2015. They need to review it to ensure they understand its contents before revocation.
2. Create a New Individual Will
- Example: Jane decides to create her own will to reflect her current wishes. She drafts a new document that specifies her assets and how they should be distributed, effectively overriding the joint will.
3. Include a Revocation Clause
- Example: In Jane’s new will, she includes a clause that states: “This will revokes any prior wills and codicils, including the joint will executed on January 10, 2015, with John Smith.”
4. Communicate with Your Partner
- Example: Jane discusses her decision with John, ensuring he understands the reasons for revoking the joint will and creating individual wills.
5. Sign and Date the New Will
- Example: Jane and John each sign their new wills in the presence of witnesses as required by state laws, ensuring their documents are valid.
6. Destroy the Joint Will
- Example: Jane physically destroys the original joint will, either by shredding it or marking it as revoked to prevent any future confusion.
7. Store the New Wills Safely
- Example: Jane and John each store their new wills in a secure location, such as a safe or with their attorney, to ensure they are easily accessible when needed.
Important Considerations
- Legal Advice: It is advisable for both parties to consult with an estate planning attorney to ensure that their individual wills meet legal requirements.
- State Laws: Ensure compliance with state laws regarding will revocation and creation, as these can vary significantly.
By following these steps, you can effectively revoke a joint will and ensure that your estate planning reflects your current wishes and circumstances.