A codicil is a legal document that is used to modify an existing will without completely replacing it. This document allows you to make minor changes to your will, such as adding or removing beneficiaries, changing the executor, or updating asset distributions.
Codicils are typically used for small changes that do not require a complete overhaul of the original will. If you have made significant changes to your life, such as getting married or having children, it may be best to create a new will instead of using a codicil.
In Alberta, the requirements for a valid codicil are the same as for a will.
- Formal will – made in writing, signed by the testator and two witnesses in the presence of each other.
- Holographic will – written entirely in the hand of the testator and signed.
- Military will – if the testator is a member of the Canadian Armed Forces, made in writing and signed without witnesses or other formalities.
When to Create a New Will Instead of Using a Codicil
While a codicil can be a useful tool for making minor changes to your will, there are times when it is better to create a new will instead. Here are some situations where you may want to consider creating a new will instead of using a codicil:
1. You have made significant changes to your life
If you have married or entered a new relationship, had children, or acquired significant assets since you created your original will, it may be best to create a new will instead of using a codicil.
2. Your existing will is outdated
If your existing will refers to property you no longer own, or if you have acquired significant new property, it may be best to create a new will instead of using a codicil. This is especially true if your original will was created a long time ago and no longer reflects your current wishes.
3. You want to make significant changes
If you want to make significant changes to your will, such as changing the executor or adding or removing beneficiaries, it may be best to create a new will instead of using a codicil.
In conclusion, a codicil is a legal document that can be used to make minor changes to an existing will. If you want to make small changes to your will, a codicil may be the right option for you. However, if you have made significant changes to your life or want to make significant changes to your will, it may be best to create a new will instead of using a codicil.
Posted by Gary Kirk
Related Posts: