Step-by-Step Guide to Drafting a Codicil- Ensuring Your Will Reflects Your Changing Wishes
How to Prepare a Codicil: A Comprehensive Guide
Codicils are an essential part of estate planning, allowing individuals to make amendments to their wills without having to rewrite the entire document. As life circumstances change, it’s crucial to ensure that your will accurately reflects your current wishes. This article provides a comprehensive guide on how to prepare a codicil, helping you make informed decisions about your estate.
Understanding the Purpose of a Codicil
A codicil is a legal document that amends or supplements an existing will. It can be used to add new beneficiaries, change the distribution of assets, or revoke certain provisions within the original will. By preparing a codicil, you can easily update your will to accommodate changes in your life, such as marriage, divorce, the birth of a child, or the death of a beneficiary.
Step-by-Step Guide to Preparing a Codicil
1. Review your existing will: Before drafting a codicil, carefully review your current will to understand its provisions and identify any changes you need to make.
2. Consult with an attorney: While you can draft a codicil on your own, it’s advisable to consult with an attorney to ensure that your document is legally sound and complies with state laws.
3. Determine the changes you want to make: Make a list of the specific changes you want to make to your will, such as adding or removing beneficiaries, changing the percentage of assets distributed, or revising any other provisions.
4. Draft the codicil: Write a clear and concise codicil that includes the following information:
– The date of the codicil
– The full name and address of the testator (the person making the will)
– The full name and address of the executor (the person responsible for executing the will)
– A statement that the codicil is an amendment to the existing will
– A list of the specific changes you want to make
– A statement revoking any previous codicils, if applicable
5. Sign and witness the codicil: Like a will, a codicil must be signed by the testator in the presence of two witnesses. Ensure that the witnesses understand the purpose of the codicil and witness the signing process.
6. Notarize the codicil: In some states, a codicil must be notarized to be legally valid. Consult with an attorney or a notary public to ensure that your codicil meets these requirements.
7. Store the codicil securely: Keep the codicil in a safe and accessible place, such as a fireproof safe or a safe deposit box. Make sure that your executor is aware of its location.
Conclusion
Preparing a codicil is an important step in estate planning, allowing you to keep your will up-to-date with your current wishes. By following this guide, you can ensure that your codicil is legally sound and accurately reflects your intentions. Always consult with an attorney or a professional to ensure that your codicil meets the specific requirements of your state.