If you've decided that you no longer want your Will to be valid, there are a couple of ways you can go about cancelling it. In this article, we'll discuss the grounds for cancellation, how to cancel a Will, and the consequences of doing so. Read on to learn more.
Video: Cancelling A Will
Grounds For Cancelling A Will
One of the grounds for cancelling (also called revoking) a Will is that the person who made the Will (the "testator") revokes it themselves. The testator can revoke their Will by physically destroying it, or by making a new Will that revokes all previous Wills.
How To Cancel A Will
If you want to cancel your Will, there are a few steps you need to take. First, you need to make sure that all copies of the Will are destroyed. This includes any copies that might be stored electronically, such as on a computer or in the cloud.
Next, you need to notify anyone who might have a copy of the Will, such as your executor or beneficiaries. You should also let them know that you've revoked the Will and that they shouldn't rely on it for guidance on how to distribute your property.
Finally, you should make a new Will if you haven't already done so. This new Will should state explicitly that it revokes all previous Wills. Once you've taken these steps, your old Will no longer be valid and your property will be distributed according to the terms of your new Will.
Consequences Of Cancelling a Will
There are a few consequences to cancelling a Will that you should be aware of. First, if you die without a valid Will, your property will be distributed according to state law. This may not be the way you want your property to be distributed, so it's important to have a new Will in place before you cancel your old one.
Second, if you revoke your Will but don't make a new one, your property will be distributed according to the terms of your last Will. So, if you have an old Will that you no longer want to be valid, make sure you make a new one before you revoke the old one.
Finally, it's important to note that cancelling a Will doesn't necessarily mean that your beneficiaries won't be able to get anything. If you've named beneficiaries in your Will, they may still be able to receive some of your property through other means, such as a life insurance policy or retirement account.
Assuming you want to proceed with cancelling your Will, the steps you need to take are fairly straightforward. Just make sure you understand the consequences of doing so before you take any action.
Conclusion
If you've decided that you no longer want your Will to be valid, there are a couple of ways you can go about cancelling it. In this article, we've discussed the grounds for cancellation, how to cancel a Will, and the consequences of doing so. Make sure you understand all of this information before taking any action.
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