Codicils to wills
When changing your current will through a codicil, it's crucial to explore quotes from professionals and find accurate, reliable advice.
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What is a codicil to a will?
A codicil is a legal document that allows you to change or add to your will without writing a completely new one.
It's a separate document but it must meet the same legal requirements to be valid. This includes being signed, dated, and witnessed by two independent people who aren't beneficiaries or spouses. It must reference your existing will to ensure there's no confusion.
Codicils are often used for adding or removing beneficiaries, changing how assets are given out, or updating the executors.
Codicils offer a simple, quick, and often affordable way to update your will while the rest remains the same.
Why people add codicils to their will
Let’s explore some of the common reasons people may choose to add codicils to their wills.
Changing beneficiaries
One of the most common reasons for adding a codicil is to change the list of beneficiaries. Perhaps you’ve had a change in your family, such as a new child, grandchild, or stepchild, and you wish to include them in your will. Alternatively, you may want to remove someone who's died or become estranged.
Get your quoteAsset distribution
Over time, your assets may change. You might acquire new property, sell investments, or simply review your finances. If you want to alter how your assets are divided among beneficiaries or change specific gifts, a codicil is an easy way to do so. It allows you to update the will as needed without the hassle of rewriting.
Get your quoteChanging executors
Your original will may name someone as the executor of your estate who's no longer able or willing to carry out the role. You may also want to appoint someone else with better experience or availability. A codicil allows you to make this change without having to draft a completely new will.
Get your quoteGuardianship arrangements
If you have minor children, you may have named a guardian for them in your will. But if the situation changes - perhaps they're no longer available or a new person is more suited the role - a codicil allows you to update this quickly. This is an important step to consider when family dynamics shift.
Get your quoteCorrecting mistakes
Mistakes can happen in the creation of a will. A codicil can be used to correct typographical errors or clarify parts of an old will that aren't as clear as you'd like. These minor adjustments ensure that your intentions are properly reflected without having to start a new will.
Get your quoteFuneral or burial wishes
If you’ve outlined your funeral or burial wishes in your will and later change your mind, a codicil can be used to update your instructions. This is particularly useful if your views change due to personal or religious reasons and you want to ensure your new wishes are clearly outlined.
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Codicils vs. new wills
Codicils and new wills differ in complexity, cost, and the scope of changes they support:
Codicils to wills
A codicil makes sense when you need to make small changes to your will - whether to amend beneficiaries, correct mistakes, or update asset distribution - without altering the whole document. It’s useful for minor adjustments and is generally quicker and cheaper than drafting a new will. However, too many codicils can make the will harder to follow.
New wills
A new will is needed when major changes need to be made, such as when you want to completely overhaul how your estate is distributed or add or remove a major beneficiary. It may also help if your previous will is now outdated or too complicated. It ensures all your changes are incorporated into one document, removing any confusion about which version should be followed.
Codicils pros and cons
Advantages
- Quick updates: Save time by making changes to your will without needing to rewrite the entire document.
- Cost-effective: Generally less expensive than creating a new will, especially for small or minor changes.
- Flexibility: Adjust specific provisions of your will if your family or financial circumstances change.
Disadvantages
- Potential confusion: Multiple codicils can make a will more complex and harder for executors to follow.
- Revocation risk: A new will could override previous codicils, and a codicil doesn't stop this from happening.
- Limited scope: Codicils are best for small changes but they may not be enough for major alterations.
Should I add a codicil to my will?
Ultimately, this decision depends on the scope of changes you need to make. It works best if the changes are quite small. Anything significant or that leaves your will too complicated might be better suited to a brand new will. If you do choose to use a codicil, be sure it's clear, legally valid, and properly executed to avoid a family dispute.
Types of codicils
1. Standard codicil
A standard codicil is the most straightforward type, typically used for making minor changes such as adding a beneficiary or redistributing assets. It refers back to the original will and outlines the changes in a clear, concise way. It ensures that the rest of the will remains unchanged.
2. Corrective codicil
A corrective codicil is used to fix errors in the original will. This might include typing or printing mistakes, misnamed beneficiaries, or small problems with the asset distribution.
3. Residuary codicil
A residuary codicil refers to the distribution of the residual (remaining) estate. If you have a new request for how to distribute your remaining assets after specific gifts have been made, a residuary codicil allows you to add this without altering the entire will.
4. Revocation codicil
A revocation codicil allows you to revoke (take back) specific wishes of your original will or entirely remove a bequest or beneficiary. If there’s a major change in your circumstances, such as a falling out with a beneficiary or a change in your relationship, you can use a revocation codicil to remove or modify specific parts of the will without invalidating the rest.
5. Additional gift codicil
If you want to add a new gift or beneficiary to your will, a codicil can be used to do this. It's often used when a person or charity is added to your will later on. An additional gift allows you to expand your legacy and make sure your new wishes are legally documented.
6. Guardian appointment codicil
If your original will named a guardian for minor children, and the situation changes (such as the death or incapacity of the guardian), a guardian appointment codicil can be used to name a new one. This ensures that your children are cared for by someone you trust.
How to arrange a codicil
To find the best offer for a codicil and arrange one effectively, use our checklist to guide you through the key steps.
Our expert says:
‘’Be aware that codicils can sometimes complicate things if they contradict the original will, so it's crucial that you're as clear and precise as possible. If you have multiple codicils to add, they should be carefully labelled and organised to avoid any legal issues or disputes.”
Frequently Asked Questions
Can a codicil replace my will?
No, a codicil can't replace your will, just amend it. The original will remains intact, and only the specific section you refer to is modified. If the changes you need to make are substantial - such as a complete overhaul of your estate distribution or removing major parts of the will - it’s typically better to create an entirely new will.
How many codicils can I add to a will?
While there's no legal limit to the number of codicils you can add to a will, if you accumulate several over time, the changes may become difficult for your executor or beneficiaries to follow.
Who is Eligible For a Secured Loan?
In order to be able to borrow or qualify for secured credit, borrowers must have accumulated equity in a property. Equity refers to the part of your house you own entirely. You can calculate how much equity you have by subtracting the amount you still owe on your mortgage from the current value of your home. The more equity you have, the more you can potentially borrow. In simple terms, higher equity means you own more of your home, which can help you get a bigger loan.
Is a codicil legally binding?
Yes, a codicil is legally binding as long as it's executed in the same way as a will. This means it must be signed by you in the presence of two independent witnesses who aren't beneficiaries or spouses.
Can I make a codicil myself?
It's legally possible to write your own codicil, but it's not advisable unless you have a solid understanding of legal language and the formalities involved. A poorly drafted codicil or one that's not witnessed properly can lead to confusion or disputes over your estate.
How long does it take to make a codicil?
This depends on how complex the changes are. If you're simply correcting small mistakes or adding a new beneficiary, a codicil can usually be arranged quickly - often within a few hours or a day. If the changes are more complicated or deeply affect your estate plan, it may take longer.
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