The use of a properly drafted will is one of the most crucial and basic aspects of estate planning. While it does not replace the need for more advanced instruments such as a trust, it should not be skipped either.

With such a central role in an individual's wealth transfer strategy, a will must be kept current with respect to your wishes, assets, heirs, and legal environment. Failure to do so can wreak havoc on other areas of your plan, as well as raise a will's contestability.

Any of the following situations might prompt a revision in your will, as well as your overall estate plan:

·          Acquisition of new significant assets

·          Change in your marital or partner status

·          Birth or death of new heirs or acquisition of step-children

·          Buying or selling of a business interest

·          Change in your local / national rules regarding inheritances

·          Change in your local / national tax laws

·          You change your mind about the distribution of your assets

·          Your current will's executor dies or becomes incapacitated

If one of these situations has occurred, an immediate effort should be made to update your will. Courts will disregard what you "intended to do," in favor of what is actually in writing.

Sadly, many people do not make the easy changes that were necessary to protect their estate planning goals. This can lead to distributions to unintended heirs, additional legal fees, and increased estate taxation.

Modifying or "revising" your will is not a complex or time-consuming process, but needs to be done with precision. Whether you hire an attorney to help you revise your will, or do it yourself, accuracy and proper execution are critical.

Here are the steps necessary to make a proper revision of your will:

In the classic sense, a codicil is what people talk about when they say, "I just amended my will." A codicil is a short document that is added onto an existing will to make simple changes. If you are modifying a will that is hand-written or is not saved in a word processor, using a properly witnessed codicil may be the easiest way to make a change.

However, if you are making major changes, or your will has been drafted on a computer, you should consider revoking your prior will and establishing a new one. This is accomplished by the addition of a statement at the beginning of the new will, which revokes all prior wills and testaments.

Scribbling your codicil or amended will on a napkin isn't the greatest idea if you desire an airtight document. Rather, make sure your will is typed and proofread. Simple errors in spelling or omissions of punctuation can lead a will to be read incorrectly.

Even more importantly, make sure your will is properly witnessed by parties who are not receiving any of your assets. Make sure these witnesses sign, in the presence of a notary or similar official, that they witnessed you sign and date this modifying document.

The best way to make sure your new will is both adhered to, as well as not contested, is to distribute it to the appropriate parties. Make sure your core advisors (executor, attorney, financial planner, accountant, etc.) all have a copy. Also make sure, if your will includes medical directives, that your doctor or local hospital gets a copy as well.

If you are comfortable with your spouse or heirs knowing about the will, you should also provide them with an updated copy. At a bare minimum though, let them know where they can find your will, as well as warning them that current copies have been filed with your critical advisors.

The estate plan seems to be the aspect of personal finance that people procrastinate the most on. There's no doubt, that thinking about one's own death can be a little unsettling. But the thought of the wrong people (including the government) inheriting the assets you spent your life accumulating, can be as equally unsettling.

Even though your will is now up-to-date, you should make a plan to review it at regular intervals. Unlike your overall financial plan, which should be reviewed at least annually, your estate plan can be reviewed every 3 to 5 years, subject to earlier review in the event of any major changes described at the beginning of this article.

While the above steps will help to ensure that your will accurately represents your wishes and situation, keep in mind that it is often just the beginning. A proper estate planning strategy often includes many different components and multiple documents. Do some research or talk to a professional about how to properly use the beneficiary designations on your insurance and retirement plans, as well as about how a trust might benefit you.

For more information on wills, trusts, and estate planning, take a look at the resources below:

Estate Planning Overview and Strategies: http://www.unibs.co.uk/Estate-Planning/

NOLO: Provide of Pre-Written Legal Documents: http://www.nolo.com/