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BLENDED FAMILIES: PRACTICAL ESTATE PLANNING CONSIDERATIONS PAPER 3.1Update on Mutual Wills Cases and Materialities materials were prepared by Chelsea D. Wilson of Legacy Tax + Trust Lawyers, Vancouver,

How to fill out update on mutual wills

How to fill out an update on mutual wills:

1. Review the existing mutual wills: Start by carefully reviewing the existing mutual wills that are being updated. Understand the key provisions, beneficiaries, and assets mentioned in the current wills.
2. Consult an attorney: It is highly recommended to consult an attorney who specializes in estate planning and wills. They can guide you through the process, ensure legal compliance, and provide expert advice tailored to your specific situation.
3. Determine the updates needed: Identify the specific changes that need to be made to the existing mutual wills. This could include adding or removing beneficiaries, modifying asset distribution, updating guardianship provisions, or addressing any recent changes in personal circumstances.
4. Draft a codicil or create a new will: Depending on the extent of the updates required, you may either draft a codicil or create an entirely new will. A codicil is a document that amends specific provisions of the existing will, while a new will replaces the entire previous will.
5. Clearly outline the updates: When drafting the codicil or new will, make sure to clearly outline and describe the updates being made. Include specific details such as names of beneficiaries, revised distribution percentages, updated asset lists, and any other pertinent information.
6. Include necessary legal language: Ensure that the codicil or new will includes the necessary legal language to make the updates legally binding. This may include witnessed signatures, notarization, or other formalities as per your jurisdiction's requirements.
7. Communicate with all parties involved: It is crucial to communicate the updates to all parties involved, including beneficiaries, executors, and any other relevant individuals. This will help avoid confusion and ensure everyone understands the changes being made.

Who needs an update on mutual wills?

1. Couples who have existing mutual wills: Couples who have previously created mutual wills may need to update them in various situations such as the birth of a child, the death of a beneficiary, divorce, remarriage, or significant changes in assets.
2. Individuals who want to include or exclude beneficiaries: If there is a change in the desired beneficiaries or if a previous beneficiary needs to be excluded, updating the mutual wills becomes necessary.
3. People looking to modify asset distribution: Changes in financial circumstances or acquiring new assets may require updates to the mutual wills. This ensures that assets are distributed according to the latest wishes and circumstances of the testators.

Note: It is important to consult with a legal professional to understand the specific requirements and laws related to updating mutual wills in your jurisdiction.

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