Most planned gifts—such as bequests in a will, trusts, or beneficiary designations on retirement and life insurance policies—are revocable. This means you retain full control over your assets during your lifetime and can alter or cancel the gift at any time.
For revocable gifts, amending your plan is generally as straightforward as updating your will (creating a codicil) or submitting a new beneficiary form to your financial institution. However, a small minority of planned gifts (like Charitable Remainder Trusts or irrevocable pledges) are legally binding and cannot be undone.
Rules vary based on the type of financial vehicle used.
Consulting with your legal or financial advisor and understanding all tax implications is recommended and always the best path forward.