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What does a “codicil” have to do with updating your will?

On Behalf of | Feb 16, 2023 | Estate Planning News

Estate planning can seem like an immense task for many people. There are many decisions to make and many options to consider. That’s why, for some Colorado residents, once they get their estate plan drafted and signed, they may not think about it again. However, most people will probably need to update their estate plan from time to time.

Why would you need to update your estate plan? Well, certain parts that address designated heirs and beneficiaries may need to be updated if, for example, there is a death in the family—or even a marriage. Or, if you make your estate plan early in life and then, years later, you may have grandchildren who you want to be a part of the plan.

But, updating heirs and beneficiaries is just one potential part of an estate plan that might need to be updated. What if your overall wealth changes since you last worked on your estate plan? Most people accumulate wealth throughout life, so what made sense in your estate plan years ago may not make sense anymore for your financial situation.

How to do it

For some people, there may be no need to completely overhaul their estate plans when they need to make updates. Instead, they may be able to execute a “codicil,” which is, in essence, an amendment to a will. This document doesn’t need to be overly complicated—it can briefly and succinctly point out which parts of the will need to be changed and, as a result, just one new document can provide a complete update to your estate plan.