Can I change or revoke my will after I make it?
The simplest way to revoke a last will is to intentionally destroy it, either by tearing it up or by burning it. But, this leaves you without a will. If you accidentally have destroyed your will, it will not be considered revoked. The best way and the correct way to revoke a last will is to write a new one that states that all prior testaments are not valid anymore.
What happens if you change your mind after revoking your last will and decide you liked the old one better? Because the old one is invalid and cannot be revived, the only solution is to make a new one replicating the content of the old last will and revoke the last version made.
Another way to change a last will is by using a codicil which does not revoke the entire will. Still, taking into consideration that a codicil needs to pass through the same procedure of signature as the last will, it might be easier for you to make a new will.
It is important not to make any change after you have signed your will in front of the witnesses. If you make any changes outside the legal process, you risk invalidating the whole testament.
What should I do with my last will after I sign it?
As with any other important legal document, you should keep your testament in a safe place, accessible after your death and make sure that your executor knows where to find it. In some states you can deposit your last will with the court or public records if they have the storage space, but it is not a legal requirement.
What happens to my debts after I die?
As a rule, before the distribution of your assets begins, all your debts must be paid. In other words, the distribution of your assets begins with your creditors. Exception to this rule are secured debts which allow the lender to take possession of a property or piece of property if you haven’t paid your debt (e.g. mortgages, auto loans). In this case, properties that are collateral for secured debts will be redistributed along with the debt.
What happens if your debts value more than your assets? In this case your assets will be sold and the money obtained will go to your creditors. Generally, you cannot inherit someone else’s debts, so if the deceased owed $15.000 and his property is sold with $10.000, his creditor will receive $10.000 without you having to pay him another $5.000.