Is It Time To Update Your Will? How to Do It Right!
Your will is an important document, created to ensure your assets are distributed according to your wishes. But life changes, and your will may need to change with it. If it’s time to make updates, one option to consider is a codicil.. Here’s what you need to know.
What Is a Codicil?
A codicil is a legal document that allows you to make minor changes without having to rewrite your entire will. Think of it as an amendment. For example, you might use a codicil to:
Add or remove a beneficiary.
Change the executor of your estate.
Update specific bequests (like leaving a different heirloom to a family member).
Do You Need An Attorney to Create a Codicil?
You can draft a codicil yourself, but since both it and your will are subject to specific legal requirements, even a small mistake could lead to confusion or disputes. Using an attorney can help to ensure:
The language is clear and legally valid.
The codicil doesn’t unintentionally contradict other parts of your will.
It complies with your state’s laws.
Steps to Take After Creating a Codicil
Once your codicil is drafted, follow these steps:
Sign and Witness: Like your original will, a codicil must be signed and witnessed in the presence of witnesses. The requirements vary by state but typically involve two witnesses who are not beneficiaries.
Store Safely: Keep the codicil with your original will in a secure location, such as a fireproof safe or with your attorney.
Notify Key People: Inform your executor and trusted family members about the codicil. They should know where to find it and understand your updated wishes.
Review Periodically: Revisit your will and codicil periodically or whenever a major life event occurs, such as a marriage, divorce, birth, or significant financial change.
When to Consider Creating a New Will Instead
If your will requires substantial revisions, such as addressing significant life changes or restructuring your estate plan, it’s better to create a new will. A new document ensures clarity and avoids confusion caused by multiple amendments.
Updating your will doesn’t have to be complicated, but it’s important to do it right. If you’re unsure whether a codicil or a new will is best for your situation, consult an experienced estate planning attorney. Your peace of mind is worth it!