When amending a will for a simple change, you will need a form called a codicil. A codicil gives the option to make alterations without drafting a new will. For example, if you don’t like how your current properties are shared, address these issues in a codicil. If you want to change the structure of family trusts or alter the beneficiaries, a codicil will handle those modifications. You can also wish to use codicils when you want to change the executor or the personal representative of the estate after making the will.
The Creation of a Codicil
A codicil should be made and executed with the same formalities as the will. It must be in writing, under the authority and direction of the testator (willmaker), and one or more witnesses are required to sign.
Legal Requirements When Amending a Will
For the codicil to be legally sound, certain criteria must be met. First, it must be in writing, dated, and have the testator (will maker) sign it. Additionally, two non-beneficiary witnesses must sign it in the testator’s presence. The codicil should state that it modifies or adds to the will being changed. Codicils are deemed legally binding unless stated otherwise in the codicils signed. The codicil will follow these guidelines to ensure its proper and lawful execution.
Is Amending a Will Right For You
Please note that adding several codicils consecutively can also invite a lot of confusion. If that is the case and you want to make certain changes, it would be better to simply make a new will. This way, you will ensure that there are no conflicting interpretations of your wishes. A new will also helps to lessen the burden on the executor in administering the assets under your estate in the event of your death.
Updating the Executor of a Will
When you wish to remove the executor of your will, a codicil can help you with that without writing a whole new document. This tutorial will detail how to use a codicil to remove the executor of the will.
- Select a New Executor: This individual should be trusting and willing to carry out your desires and administer your affairs efficiently.
- Construct the Codicil: Carefully explain the amendment you made or plan to make. Include details about the new executor, when the change occurs, and the specifics of the change.
- Witness and Date: Execute and date the codicil before at least two witnesses, who are not beneficiaries of the will. A neighbor or a work colleague may assist in the signing exercises of the document.
- Make Sure to Attach the Codicil to Your Will: When finished amending the will, it should be signed and affixed to the main will. Keep both documents in a secure place. Make sure to give some copies to your estate attorney, or share them as needed. The last task is to register your will or any other estate documents with The U.S. Will Registry. This makes it possible for a family member to get the documents whenever necessary during the time of need.
Pros and Cons of Amending a Will
Advantages:
- Useful: You can incorporate or eliminate policies about the existing will without the need to make a new one. This is useful because it ensures that, even with changes, the original will stays intact.
- Cost Efficient: Making a codicil is cheaper when compared to the making of a new will. It is suitable for unnecessary changes.
- Urgency: Modifications of the heirs or the manner of distribution of the assets can be done immediately. Changes can be executed relatively easily within a reasonable time using codicils.
- Freshen Up the Content: You can sometimes alter bits of the will and not the core features of the will. This adds more perspectives to the same aims but only changes a little.
- Simple Explanation: A codicil is like an update to a will. You can add or change things in your will and follow the same rules to make sure the changes are safe and official.
Disadvantages:
- Potential for Complexity: Having more than one or multiple codicils can sometimes be too much leading to confusion or contestation of the original documents. This complexifies the matters of understanding the entire estate plan.
- Multiple Might Prove Difficult: It may be hard to go back to what was changed by several codicils. This most of the time leads to arguments or misunderstandings.
- Risk of Being Null and Void: Follow the instructions for creating your codicils exactly as provided. Overlooking details such as typo mistakes or including a wrong date can make the codicil null and void.
- Proper Handling of These Documents: Securely attach the codicil to the original will. Arrange the documents properly so that they can be viewed and interpreted as one if needed.
- Updating an Old Will Can Be Difficult: It might be better to create a new will that includes all the changes you need. This way, everything is updated in one place, avoiding confusion.
Assessing these advantages and disadvantages will help you determine if amending a will with a codicil or creating a new will is the best option.
Draft a New Will vs. a Codicil
Even though codicils exist, other instances may reason for the need to make a new will. Research has established that people do not prefer to add a codicil to the existing will, rather they would prefer writing a new will. It makes it completely easier to put together the estate plan when it comes to creating a new will, which rightfully does away with the problems posed by the addition of several will amendments.
It is now possible to draft your will without any charge due to online will programs on the internet. There are also more affordable options to revise restatements because of online options.
The U.S. Will Registry offers a free, user-friendly online will program, which is a better solution than using a codicil. Too often, other aspects of the will may also need updating, and rewriting the will ensures everything is addressed properly. With online wills, you can take your time and give each item the consideration it deserves.
Conclusion
In summary, amending a will with a codicil is convenient because it allows you to make specific changes without writing a new will. A codicil lets you adjust details like property division, the beneficiaries of a family trust, or the person managing the will, but it doesn’t handle everything at once. It’s important to make sure a codicil is written, signed by the testator, and properly witnessed to be legally valid.
A person can use a codicil to amend a will, but it can be costly and cumbersome if multiple codicils are used over time. Revising the will with too many codicils might become overwhelming. When rigorous changes must be implemented, the formulation of a new will is possibly the most practical and safest option. This strategy eliminates the possibility of misconceptions or legal disputes.
Lastly, decide between a new will or a codicil based on the needed changes and your specific situation. Evaluate your needs and consider consulting an estate planning expert to ensure your estate strategy is effective.
