Creating a comprehensive estate plan that covers all of your needs is important at any age. Oregon residents who have yet to move forward with a will or a trust, and all of the aspects that are part of these vital documents, should do so as soon as possible.
For those who already have a will, it is common to believe that it is sufficient as is and does not need to be updated. However, as life changes come about, you should consider making updates. Sometimes, a will may even need to be completely replaced.
Understanding the requirements to revoke or alter a will
With inevitable life changes such as a marriage, a divorce, a child being born, a loved one dying, revoking or altering a will is a necessity. The law is clear on how this may be done. If a person wants to revoke or alter a current will, they simply need to create a new will.
Other ways to revoke a will are to tear, burn, cancel or commit any other act that destroys it. The intent and purpose must be to revoke it. This can be done by the person who created the will (the testator) or another person who is doing so at the testator’s direction while in their presence. Two witnesses must be present if the will is being destroyed on behalf of the testator.
Committing any of the acts listed above is not a valid method to revoke only certain parts of the will. Physically damaging the will to change or eliminate only certain provisions of it will not work. If damage is done to the will with the intent to alter it but not destroy it, then arguments could be made that the testator’s desire was to have the will revoked entirely.
Updating a will may be as important as creating one
Regardless of your age, family situation or financial standing, it is imperative to have an estate plan in place. The most basic type of estate planning device is a will. Even after completing a will, you may want to update it or create a completely new one. When doing so, it is important to adhere to the law throughout each step. When organizing an estate, having legal assistance can be essential.