What is a Codicil?
Author: James A. Miller, Estate Planning Attorney / Category: Wills & Trusts / Posted: 20 Aug 2010A Codicil is a legal document that makes specific, preferably small, changes to your Will, while leaving all of the other provisions of your Will intact.
People who are adding a new alternate executor, for example, or changing their name because of a marriage or divorce, often add a Codicil to their Will instead of executing an entirely new Last Will and Testament.
On the other hand, sweeping changes to a Will, such as completely disinheriting a beneficiary or adding a testamentary trust, call for the Will to be rewritten. The same is true if you’ve added several Codicils to your Will over the years. It’s a good idea to consolidate all of the changes into a single, new, easy-to-follow Will. This way, when it comes time to probate your Will, it will be simpler for your Executor to discern your intentions and follow your instructions.
If you decide to make changes to your Will, there are a couple of points to keep in mind:
- Whatever you do, don’t simply make handwritten changes or notations on your existing Will. In order for changes to your Will to be valid, they have to be signed, witnessed and notorized with the same level of formality as the original.
- Even if you just think minor changes need to be made, it’s a good idea to review your whole estate plan. Periodically, it’s necessary to re-asses your family and financial situation, and make sure your overall estate plan still meets your needs. Does a Will still work for you, or would a Living Trust make more sense? Do you need to think about tax planning or asset planning? If you have questions about these things, a visit with your estate planning attorney can help make sure you’re on the right track.
The Law Offices of James A. Miller is a member of the American Academy of Estate Planning Attorneys.
