Doing estate planning for the first time is one of the biggest legal hurdles that many people face. But once you have completed your will and other estate documents, what happens if you need to change something? One tool that can help is a codicil. What is a codicil? When and how should you use it? Discover some answers to these important questions.
What Is a Codicil?
In estate planning, a codicil is an additional memo or notation attached to an existing will. It makes changes to a specific section or sections of the will while allowing the will to remain the same in all other aspects.
Codicils are most commonly used to change individual beneficiary designations (such as due to a marriage or divorce), to name a new executor or backup executor, or to address a new asset's disposition.
When Is a Codicil Used?
A codicil should be used when the necessary change affects a small portion of the existing will. It usually involves only one change, such as the removal of an asset you sold, that can easily be taken care of with a single move and brief instructions.
Because rewriting a will requires time and effort, allowing a codicil encourages estate planners to make needed small-scale changes that keep the document up to date without going to too much trouble. You can even add more than one codicil — together or over a period of years — to a will.
When Should You Not Use a Codicil?
As easy as it is, a codicil is not a tool that you should always use.
Ask yourself how much the changes will affect the estate or will. Does the codicil involve several sections, many beneficiaries, or significant changes to how a large asset will be administrated? As its impact to the will goes up, the time-saving value of a codicil goes down. There is a point at which the codicil could actually confuse things more than help.
In addition, if you already have one or more codicils for a will, consider carefully instead whether you should rewrite the document entirely. As with large-scale changes, too many changes or successive addendums can cause confusion and make it hard to interpret and follow your wishes. This could even lead to contested wills or conflict among heirs.
How Do You Make a Codicil Valid?
So, how do you actually make a codicil? One thing you should not do is make hand-written changes or annotations within the existing will documents. These can invalidate the will itself.
Instead, the codicil is a separate document similar to the main will's terminology and process and maintained with the will. It must follow your state's rules, such as the need to be notarized or signed in the presence of witnesses, to be valid. It should then include details like the date, your identifying information, a notation about which will it is attached to, the and specifics of the change.
Where Can You Learn More?
Does your will need a codicil? Could the use of a codicil make it easier to ensure your estate planning is up-to-date? If so, start by learning more about codicils and the requirements in your state. As with any estate planning step, legal advice is the best way to be certain you make the right moves to protect your estate.
Donald B. Linsky & Associate PA can help. We will work with you to analyze the types of changes necessary to update your documents, the best way to approach them, and the way to ensure your will remains a legally enforceable document no matter what. Call today to make an appointment.
