Here's a breakdown:
What it does:
* Adds provisions: You can include new beneficiaries, assets, or instructions not mentioned in the original will.
* Changes provisions: You can modify existing clauses, like changing the distribution of assets or updating a beneficiary's information.
* Revokes provisions: You can remove specific clauses or parts of the original will entirely.
Why it's used:
* Avoiding rewriting the entire will: Instead of creating a whole new document, a codicil is more convenient and cost-effective for minor adjustments.
* Flexibility and adaptability: Life changes, and a codicil allows you to update your will to reflect those changes without rewriting the entire document.
* Addressing unforeseen circumstances: You might need to add a provision after an event like a marriage, birth, or death, that wasn't anticipated when the original will was drafted.
Important considerations:
* Properly executed: A codicil needs to meet the same legal requirements as a will, including being signed and witnessed correctly.
* Clarity and specificity: Be clear and precise in your language to avoid ambiguity or misinterpretation.
* Legal advice: Consult with an attorney to ensure the codicil is properly drafted and complies with the laws in your jurisdiction.
Example:
Let's say you created a will leaving your entire estate to your spouse. You later decide to include a provision leaving a specific piece of jewelry to your niece. Instead of rewriting the entire will, you can create a codicil that adds this new provision.
In summary, a codicil is a valuable tool for making changes or additions to an existing will without having to create a completely new document. However, it's crucial to seek legal advice to ensure its validity and effectiveness.