Codicil – Is it better to simply amend your Will? Laura Richardson explains the pros and cons of using codicil to amend your Will in the article that follows . . .
Having made your Will, there may come a time when you need to make an adjustment. Perhaps you would like to add a treasured item to be gifted to a special loved one, or perhaps you need to change the name of your Executor. Whatever the reason, you should make sure that you change your Will as soon as possible to ensure that your wishes are complied with should you die.
There are two ways to make changes to your Will. Firstly you can write a new Will which supersedes any previously made Wills, or secondly, you can add a Codicil to your current Will. A Codicil is a legal document that refers directly to your current Will and alters one or more clauses within that Will. In order to help you make your decision, we at Andrew Douglas Wills & Legal Services have compiled a list of the reasons for and against the use of a Codicil to amend your Will:
Benefits of using a Codicil:
The main benefit of using a Codicil is to save the time and cost of having to rewrite your entire Will.
Unfortunately, there are several reasons why a Codicil may not be the best way to amend your Will:
- Although the Codicil directly refers to your Will, your Will does not refer to your Codicil, meaning that if the two documents became separated, based on your Will alone there would be no way to tell that you had made a Codicil. You could avoid this issue by using a secure Will storage service, such as that provided by Andrew Douglas Wills & Legal Services.
- There is no limit to the number of Codicils that you can make to amend your Will, this may seem useful but could make your Estate more complicated to administer and may cause confusion especially if any of the Codicils are lost.
- A Codicil must be correctly witnessed or it will be rendered invalid and your changes will not be taken into account. Your chosen Solicitor should be able to assist you by providing clear, detailed instructions regarding the signing of your Codicil.
- A Codicil may not save you that much money, as your Solicitor may need to review your current Will to ensure that your required changes are possible and that the contents of your Will are still in accordance with your wishes.
Whether you decide to use a Codicil or not, it is highly advisable to review your Will every five years, as well as after every major life change such as divorce, marriage, having a child, or gaining or losing major assets. It is important to contact an experienced Will writing specialist to ensure that your Will accurately reflects your final wishes, especially when it comes to more complex family situations. Therefore if you would like to discuss making or amending your Will, call Andrew Douglas Wills & Legal Services today to arrange your free initial consultation. As specialists in this area of the law, you can be assured of a professional yet friendly service in the comfort of your own home, whether in Braintree or the surrounding areas of Essex.
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