Where there is wealth, there is bound to be a Will? If you are one of the many High Net Worth Individuals living in the country, chances are you have a will yourself. But, what happens when you make a mistake with your estate division? Can you cancel a Will? Is there such thing as revocation of a will? You’ll find that out in this article.
Changing or Revoking a Will – How to Revoke a Will?
Can you cancel a will?
It’s possible for you to make mistakes while writing your Will, that’s common after all “to err is human”. Meaning we make mistakes, we aren’t perfect. But, when millions are at stake, a small mistake can leave a big impact. The good thing is, you can correct a mistake. Wills are not indestructible nor are they permanent, as long as you’re alive, you can revoke a Will.
How do you revoke a will?
The revoking a will can be done in four ways: Formal declaration, making a new will, destruction of a Will and lastly by marriage. We’ll discuss each one so you can understand each process and maybe even use it to revoke any previous wills you made.
The Formal Declaration
You can revoke your will by writing a formal declaration saying that you revoke your will. The document you make must be signed and witnessed in the same way that you have made your will. Also note that your testamentary capacity is also put into question similar to when you made your will, with your formal declaration. If they find any discrepancy in your formal declaration, the document will be considered invalid, and will not be honoured in court.
Make A New Will
Will revocation can also take place when you make a new will. In all new wills made there is a paragraph near the beginning that goes like this.
“I revoke all former Wills and testamentary dispositions made before the date first above written.”
The statement given above is a revoking a will or wills you made in the past. This statement ensures that your new will cannot be challenged or made invalid by other documents/wills from the past. Do note that the new will you make must be clear in stating that it overrides any former wills. And even if you destroy your new/current will it doesn’t mean that your old will is the valid one.
Destroy Your Will
Another way to for attaining a revoking a will is through destroying the will. You can ask someone to do it for you, or you can do it yourself, but make sure to document the whole process. You can tear the will to shreds, or cancel it by writing a massive X over it. Or, you can burn the will. It would be best if a will maker, for example, your lawyer and witnesses can see you destroy your will. This method prevents others from rebutting the presumption of destruction during court proceedings.
Lastly, Get Married
Wills and trusts are often always affected by marriage. And most people are not aware that a revoking a will is done when they get married. So, now you are aware that when you tie the knot, your will is automatically revoked. But, do note though that divorce does not make a will invalid so if you don’t want your ex-spouse getting your monies, make sure you create a new will.
Now you no longer ask the question “How to revoke a will?” because you know how to do it. Before you make decisions exercise caution, revoking a will may not be a big deal to you, but for people depending on you, it is. The worse case scenario that can happen is you disinheriting a child or a beneficiary because of a temporary dispute. Life is short, contemplate on your actions before they become irreversible tragedies to your life and to your family.