What are Wills and Codicils?
When it comes to deciding who will inherit your possessions and money after you pass away, one of the most important documents you can create is a will. A will is a legally binding declaration of how you want your assets to be distributed after you’re gone, and it can also cover other important matters such as guardianship of your children and funeral arrangements.
Another important document that, when combined with a will, can help you make sure your wishes are carried out after you’re gone is a codicil. A codicil is an amendment to an existing will, which allows you to make changes without having to write an entirely new document.
Understanding Wills
A will is a legal document that outlines how you want your assets and property to be divided after you pass away. You can specify who should receive specific items of sentimental value, who should receive financial assets, and even who should receive guardianship of your children in the event of your death.
You must be of legal age (18 or older) to create a will, and it must be signed and witnessed in order to be legally binding. It’s also important to designate an executor—someone you trust to carry out your wishes and make sure they are followed.
Understanding Codicils
A codicil is an amendment to an existing will, which allows you to make changes without having to write an entire new document. It’s important to note that a codicil is not a separate document, but rather an addition to an already existing will.
When creating a codicil, you will need to include a reference to the original will and include any changes you wish to make. You must also sign and witness the codicil in the same manner as you would a will.
Final Thoughts
Wills and codicils are important documents that allow you to make sure your wishes are carried out after you’re gone. They should be updated periodically to ensure they remain up-to-date, and that all changes you make are properly documented in a legal manner. It’s also important to designate an executor who will ensure that your wishes are carried out in accordance with the law.
