How can you stipulate who gets what at your death? A will.
What if your wishes change? Create a new will or amend your existing (by “codicil”). A codicil must conform to certain laws as to design and execution, just as the will must. You’ll want your attorney to assist you. Or just put your new wishes down on paper, then sign and date it. Actually, make three originals. Attach one to the copy of your will; give one to the attorney who created your will and one to the executor of your estate (as directed in the will).
The latter method is not as ironclad as the first, but it’s used regularly even by many attorneys. This is because it works in almost every case. The heart of probate law rests on a simple question: “What was the person’s intent?” If you use care in exercising this option, your intent should be clear and purposes should be served.
But bequests of assets with significant value, such as a business, should be made only in a will with the aid of an attorney experienced in such matters.
This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2012.
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