Codicil Change Your Will
Published / Last Updated on 20/10/2014
Video explains the two options to change your will either by codicil or a brand new will.
Transcript:
“Hello again. The subject for this video is changing your will, a codicil.
What’ s a codicil? A codicil, quite literally, is a legal, written instruction changing or amending or adding to your existing will. In very simplistic terms:
- You may want to add a new beneficiary
- You may want to change who inherits your gold watch
- You may want to change what your funeral requirements are or
- Who are the beneficiaries or
- Leaving a legacy of money to a charity or whatever it might be.
[And] your two options are:
1. If there are a lot of changes then, it may be worthwhile having your will totally redrafted and your new will, signed and dated replaces totally the previous will
2. A cheaper option, where and if there's just one or two clauses that need to be changed or some additions that you wish to make then a codicil
And a codicil is a separate document which, we will draft for you, which will make the amendments to your existing will so your existing will remains in place.
Then you have a separate document, a codicil, which may say: “with regard to my will dated 21 June 1999”, or something like that, “I wish to amend paragraph 4, section 1, part B to, I leave my gold watch to my cousin Boris” or whatever it might be.
So that is what a codicil is, a simple and effective change to your will, so it doesn't cancel the existing will, it just adds or amends certain phrases or paragraphs in your will.
Now you don't need to worry about the complexity of that, if you do wish to make changes to your will then contact us and we will discuss the benefits of either a full will or alternatively amending certain clauses in your will as a codicil. Thank you very much for watching.”
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