Estate Planning

SUMMARY
A “codicil” is a legal term for a document that updates a will without drafting a new will. It can be done without hiring an attorney.

Some people may assume a planned gift is inconvenient because they’ve already completed their will and mistakenly believe any changes mean an expensive, tedious visit to their estate attorney.

A codicil makes planned giving easy through a simple addition of language.

A codicil makes updating or changing a will fast and easy. If you have a few minor changes to make to a will, such as adding a beneficiary (such as the Foundation), a codicil is the perfect choice. You identify the section you wish to change, then write the revision in a new document attached to the existing will.

It’s important to note that a codicil must be signed and witnessed in the same way that a will is. At present, just one state — Louisiana — also requires it to be notarized to become official.

A codicil can be a meaningful, effective, and easy-to-use tool if you are considering a planned gift. Familiarize yourself with this handy tool to make a lasting impact.

What Can be Changed With a Codicil?

A codicil can be used to:

Update beneficiaries by adding new ones (like the Foundation) or removing existing ones.
Change an executor.
Update guardians for minor children.
Update gifts to a beneficiary, such as adding or removing a beneficiary, or changing an amount.

How Should a Codicil be Structured?

It must clearly state that it is a codicil to your will.
It must include identifying information, including your full name and address, the date it was written, and a statement that you’re of sound mind and not under pressure from someone to make the changes.
It must explain which parts of the will are being altered by the codicil, include people’s full legal names, describe in detail the assets it refers to, and specify dollar amounts or percentages.
Finally, the codicil must include a statement that it overrides what was detailed in the original will and explain that anything else in the will not affected by the codicil remains valid.

Advantages and Disadvantages of a Codicil

An advantage is that a codicil can be drafted by anyone. You don’t need to hire a lawyer to make simple edits to a will. If you already have a will, add the Foundation as a beneficiary through a simple revision in a new document — the codicil — which will be attached to the will.

However, if you want to make many changes or complicated edits, it may benefit you to draft a new will.

An important point is that a codicil must still be notarized with witnesses present. The document won’t hold any legal weight if someone attaches edits to a will without notarizing it.

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