People may want to revoke their estate planning documents for a number of reasons. Perhaps you’ve become estranged from the friend or family member you named as your personal representative or agent. Or you’ve decided to give your estate assets to a new set of beneficiaries and want the change to happen now. Knowing how and when to revoke estate planning documents can save you some time and stress.
If you’ve decided to revoke your Will, there are some things you should not do:
If you just want to amend your Will, you can prepare a codicil. When revoking your Will, remember that your codicils will be revoked also.
You may want to change your durable power of attorney (DPOA) because the agent you chose is no longer available or no longer trusted. One way to revoke your DPOA is to prepare and sign a document that states you want to terminate the DPOA. You may also just execute a completely new DPOA, but make sure it is dated and states the old DPOA is being replaced by the new one. Notify agents you are replacing that they no longer have the authority to act on your behalf.
This document is used to name someone to make health care decisions if you are unable to do so. According to Florida law, you may revoke a health care surrogate designation by:
1) Signing a written and dated instrument that revokes the designations;
2) Destroying the physical printed copy of the designation or asking another person to do so;
3) Verbally telling someone you want to revoke the designation; or
4) Signing a new, materially different designation.
You can write a completely new trust and terminate the old trust. Consult with an attorney before doing this, because penalties, fees, and taxes may apply.
Another way to modify the trust is through amendment. An amendment is appropriate when making simple changes to a trust, e.g. changing an outright distribution from one beneficiary to another.
Adding additional property to the trust can be done by titling the property to the trust. Then add it to the trust’s schedule of assets.
When you want to make major changes to the trust, you can restate the trust. Include all the changes in the restatement. Assets of the restated trust remain the same as the original trust, though you can add more assets if you want.
At the Law Offices of John Mangan, P.A., we help clients build, develop, and maintain estate plans that adapt to their changing lives. Please contact us at 772-324-9050 to schedule an appointment or fill out our Contact Form. We are located in Palm City, Florida, and serve clients in surrounding communities like Stuart, Hobe Sound, Port St. Lucie, and Jupiter.