Updating Your Will When and How to Make Changes

A last will and testament is a critical legal document for distributing assets like investments, real estate, and personal property after death. While it serves as the cornerstone of an estate plan once signed and executed, life circumstances may lead to changes in how you want your assets managed or distributed. One method for making these changes, discussed in SmartAsset’s recent article, “What is a Codicil to a Will?”, is through a codicil.

What is a Codicil

A codicil is a legal document used to amend an existing and valid will without rewriting the entire document. Codicils are often preferred for minor updates due to their simplicity and cost-effectiveness. They can be used to:

• Add or remove beneficiaries
• Assign a new executor
• Revise the size or nature of gifts to heirs
• Reflect changes due to life events like marriage, divorce, or the birth of a child

Like a will, a codicil must be signed and witnessed in compliance with state laws to be legally valid. While notarization is not required in most states, it’s always a good idea to consult with an estate planning attorney to confirm the specific requirements in your area.

When is a Codicil Appropriate?

Codicils are most effective for minor updates that align with the original intent of the will. For example, if a new child has been born and you want to include them as an heir, a codicil can accomplish this quickly and efficiently. However, codicils are not suitable for more complex changes, such as significant shifts in the allocation of assets or repeated modifications, which may introduce ambiguity into the estate plan.

Using multiple codicils or making conflicting updates can create legal challenges, potentially opening the door to disputes about your true intentions. In such cases, rewriting the will entirely may be a better solution.

Typical Reasons to Use a Codicil

Some of the most common reasons for creating a codicil include:

• Adding or removing beneficiaries
• Updating the executor
• Revising asset distribution plans
• Addressing major life events, such as a marriage, divorce, or birth
• Including new bequests or correcting errors in the original will

Important Considerations

If you're considering a codicil, it’s essential to consult with an experienced estate planning attorney. They can help ensure the document meets all legal requirements and fits seamlessly into your broader estate plan. For example, if you’ve established trusts, changes to your will may not automatically apply to those trusts. Additional updates might be necessary to ensure consistency across your estate planning documents.

Before proceeding with a codicil, discuss the scope of the changes with your attorney to determine whether a new will would be a better solution. This is especially important when disinheriting a beneficiary, as there may be alternative strategies to achieve your goals more effectively.

Updating your estate plan is essential to ensure it reflects your current wishes and circumstances. At The Werner Law Firm, our estate planning attorneys guide families through the process of creating or modifying wills, trusts, and other key estate planning documents to secure their legacy and provide peace of mind.

If you have any questions, schedule a free appointment with us through our online appointment page.

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Reference: smartasset.com (Oct. 23, 2024) “What is a Codicil to a Will?”