Altering Length of a Varchar Field on Production SQL Table

If you are using MS SQL Server 2008 R2 DB Server, and needing to alter the length of a varchar on a live production table without effecting the current data.

Example:
You have a table called MyTable and have a column called MyColumn that is currently varchar with length of 500 and wish to make it length of 1000.  This table is actually a production SQL Table.

ALTER TABLE MyTable
ALTER COLUMN MyColumn VARCHAR(1000)

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