Changing Your Will
When you create a Will, it is not a permanent document that you can never change. This is good because our lives change often – we have children, grandchildren, marriages, divorces, births, deaths, etc. Your Will can be revised, or replaced if needed. If you need to change just a specific portion of your Will, you may decide to create a codicil to your Will. A codicil is a separate legal document that adds to your existing Will. Sometimes, though, you may have many changes to make to your Will. In this case, it may be best to replace your Will with a new one.
Some people make specific bequests in their Will, meaning that they leave specific property (such as a boat or jewelry) to someone. However, if the named property is missing from your estate, then it is considered “adeemed.” Ademption statutes govern the distribution of your belongings, and the state will take over if items are missing. It is best to update your Will if you sell, lose, or destroy property named in your Will. If a beneficiary named in your Will dies before you do, this might create a lapse situation depending on the language of your Will. It is best to specifically state in your Will where the property will go if the beneficiary dies before you, such as to the beneficiary’s children or to the residuary estate. If you have no specific provision for this situation, Indiana provides that any lapsed bequest will go into the residuary estate.