Codicil
In real estate, a codicil is a legal document used to amend, modify, or supplement an existing will or testamentary trust. While a will or trust outlines the distribution of assets and property upon the owner’s death, circumstances may change over time that necessitate revisions to these documents. Rather than creating an entirely new will or trust, a codicil allows individuals to make specific changes or additions to their existing estate plans.
A codicil typically includes the following elements:
1. Identification: It identifies the original will or trust document to which it pertains, including the date of execution and any specific provisions being amended or added.
2. Amendments: It specifies the changes or additions being made to the original will or trust, such as modifying the distribution of property, adding or removing beneficiaries, or updating executor or trustee appointments.
3. Execution: Like a will or trust, a codicil must be executed in accordance with state laws governing wills and estate planning. This typically requires the document to be signed by the testator (the person making the will or trust) in the presence of witnesses and may also require notarization.
4. Revocation of Previous Provisions: A codicil may include provisions revoking any conflicting or inconsistent provisions in the original will or trust to ensure that the amended document accurately reflects the testator’s intentions.
While codicils can be effective for making minor changes or updates to estate plans, they may not be suitable for more complex changes or comprehensive revisions. In some cases, it may be advisable to create a new will or trust document instead of relying on codicils, particularly if significant changes are needed or if the original document is outdated or poorly drafted.
When considering changes to estate plans involving real estate, individuals should consult with a qualified estate planning attorney to assess their options, ensure compliance with applicable laws, and develop a strategy that meets their specific needs and objectives.