Preparing an effective estate plan involves drafting legal documents as well as reviewing and updating them. When there are substantial changes in your life, you may need to revoke a will you have already finalized. This process typically involves creating a new, updated final will and testament which revokes any prior document created.
Understanding how California probate law works is vital to ensuring your final wishes are carried out after your death. If you have questions about the revocation of a will in San Luis Obispo, call an experienced estate planning attorney for guidance.
The Basics of a Last Will and Testament
A last will and testament, commonly referred to as a will, is a legal document which outlines who will receive their assets after their death. A will also allows an individual to appoint an executor, who will be responsible for managing the estate and ensuring that the individual’s desires are carried out. Finally, a will can be used to designate a guardian to take care of an individual’s minor children, in the event they die before the children turn 18. In order for a will to be valid, it, the creator, known as the testator, must be of sound mind and over the age of 18. Additionally, the will must either be signed completely written in the testator’s handwriting (a holographic will) or signed by the testator and two competent witnesses or who are not beneficiaries.
So long as the testator meets these requirements when drafting their will, they can leave their property to whomever they choose, including a spouse or domestic partner, relatives, friends, and charitable organizations.
Probate is the legal process of proving the validity of a will and ensuring its terms are carried out. In California, if your assets exceed a certain value (currently $166,250), your will must go through probate. This can be a time-consuming and costly process. However, for estates valued below this threshold, California offers simplified procedures, such as the Small Estate Affidavit, to expedite the asset distribution process.
Can You Revoke a Finalized Will?
A testator has the legal right to change their last wishes at any time. They may revise certain terms on the existing document or rewrite their will entirely. Revoking the legal document is the same thing as canceling it. Once the individual cancels an estate document, it is no longer valid in the eyes of the probate court.
People choose to revoke their will if they experience a substantial change in their life, making the original terms of the will undesirable or invalid. Some of the most common reasons people revoke their will include:
- Going through a divorce
- Re-marrying
- Buying or selling a business with a business partner
- Purchasing additional assets which you want to go to a specific beneficiary
- The birth or death of beneficiaries
Even if someone does not experience these life changes, regularly reviewing their estate plan documents is still a good idea. A San Luis Obispo attorney can help with updating an estate plan, including support with will revocation.
The Process of Revoking a Will
California probate law provides guidance on how to revoke a will. According to the California Probate Code § 6120, there are varying procedures people can use to revoke their current will. The simplest way is for a testator to physically destroy the will by burning, tearing, or shredding the paper. However, this can raise issues if copies of the Will still exist.
To ensure the testator still has an active estate plan, a testator should create new will which also revokes the outdated version. A capable lawyer can provide critical assistance with creating a new document the testator can trust will protect their assets and follow their best wishes.
Meet With a San Luis Obispo Attorney About Will Revocation
Following the legal requirements to revoke a will in San Luis Obispo is vital to ensure you do not accidentally put your estate at risk. Not having a legally enforceable will at the time of your death means your assets will be distributed according to the state’s intestacy laws.
A skilled legal professional can assist with preparing, updating, and executing your estate plan. Our legal team can also ensure your estate executor carries out your final wishes to protect your loved ones from time-consuming probate litigation. When you want to revoke a will or create one for the first time, call Toews Bio & Abram, Inc.