Often, when people look into estate planning, they are creating or making revisions to a will or a trust. However, in some instances, they may want to cancel or revoke their estate plans altogether. There are many reasons people decide to revoke their estate plans. A couple examples include:
- Creating a new estate plan that will suit their and their loved ones’ needs better
- Changing their plan based on significant changes such as marriage, the birth of a child or the loss of a loved one
Regardless of the reason, people should approach the process cautiously. This is a major decision that can have a huge impact on an estate after the person passes away. There are multiple legal factors to consider and in some cases, it makes more sense to revise an estate plan than to cancel one altogether. When it comes to making major changes to an estate plan, everyone is in a different situation, so an individualized approach is necessary.
If you are thinking about revoking an estate plan, you should take a close look at your options and make sure your decisions will protect your estate and account for the needs of your loved ones as well. This is a very tough decision, so it is smart to consult with an experienced legal professional and take some time to look at all of your options.