As you likely know, creating an estate plan is a crucial step in ensuring your assets are distributed according to your wishes. However, as your life evolves, you may need to update or replace your existing estate plan components.
Keeping your plan current is wise, but it is critical to understand the legal steps and best practices involved in this process.
Updating your estate plan
If you decide to update your estate plan, you can create a new will or trust to replace the old one. It is essential to revoke any previous documents clearly to avoid confusion. This can be done by including a statement in your new documents that explicitly revokes all prior wills and trusts.
Destroying old documents
Once you have created a new plan, you can destroy all copies of the old documents. This can be done by shredding or burning them. Make sure to keep a record of the destruction, such as a dated note, to show that you have taken steps to revoke the previous plan.
Notifying relevant parties
After updating your estate plan, it can be helpful to notify relevant parties, such as your executor and estate beneficiaries. Keeping them updated helps to ensure everyone is aware of the changes and can act accordingly if needed.
To ensure that your new estate plan complies with Minnesota law and accurately reflects your wishes, consider consulting with an experienced estate planning representative. They can guide you in revising your old plan and help implement your new arrangements in compliance with Minnesota estate law.
