Do I Need to Write a Codicil or a New Will

When it comes to updating your will, a common question is whether you should write a codicil or create a new will altogether. While codicils might seem like an easy and cost-effective option, there are several reasons why drafting a new will might be the better choice.

What is a Codicil?

A codicil is a legal document that allows you to make small changes to your existing will without needing to rewrite the whole thing. It’s often used for minor updates, like changing an executor, updating beneficiaries, or altering specific bequests.

At first glance, a codicil might seem like a simple way to update your will without much hassle. However, there are several drawbacks to using codicils that can make things more complicated for your loved ones later on.

The Hidden Costs of Codicils

While a codicil might seem like a money-saving option, it’s not always as economical as it appears. Some solicitors might encourage the use of codicils as a way to generate ongoing fees. Every time you make a change, there’s a charge involved, and these costs can quickly add up. Over time, you might end up spending more on multiple codicils than you would have on drafting a new will.

Moreover, having several codicils can lead to increased legal costs during probate. If your will has multiple codicils attached, it can cause confusion, particularly if the changes are not clearly outlined or if the original will is outdated. This can lead to disputes among beneficiaries and result in costly legal battles that could have been avoided with a single, clear document.

Why Probate Prefers a New Will

When it comes to probate, simplicity is key. Probate courts generally prefer to deal with a straightforward, single will rather than one with multiple codicils attached. Each codicil is a separate document, and it’s easy for one to be misplaced, lost, or even contested. If a codicil goes missing or is declared invalid, it can cause significant delays in the probate process, putting your loved ones in a difficult position.

In some cases, the original will might even contradict the codicils, leading to further confusion and potential legal challenges. The more documents attached to a will, the higher the likelihood that something could go wrong during probate.

The Risk of Losing Codicils

Another significant issue with codicils is the risk of them getting lost or overlooked. Unlike a will, which is usually stored in a secure location, codicils can easily go missing, especially if they aren’t kept with the original will. If a codicil is lost, the changes it contains may never come into effect, leading to unintended consequences.

In contrast, a new will is a single, comprehensive document that is less likely to be lost or misunderstood. By consolidating all of your wishes into one updated will, you reduce the risk of important changes being overlooked or contested.

Why Some People Choose Codicils

Despite these drawbacks, some people still opt for codicils. The most common reason is convenience. If you only need to make a small change, such as updating an address or replacing an executor, a codicil can seem like a quick and easy solution. It can be completed quickly, and in some cases, it may be more cost-effective for minor adjustments.

Additionally, some people feel a sense of attachment to their original will and may be hesitant to rewrite it entirely. They may see codicils as a way to preserve the integrity of the original document while still making necessary updates.

Why a New Will is Often the Better Choice

While codicils can be useful for minor changes, drafting a new will is often the best approach, especially if you’re making significant changes. A new will allows you to:

- Avoid Confusion: Creating a new, comprehensive document eliminates the risk of contradictions and ensures your wishes are clearly understood.

- Simplify Probate: A single, updated will is easier for probate courts to process, reducing the risk of delays and disputes.

- Ensure Accuracy: With a new will, you can make sure that all your wishes are accurately reflected, reducing the chance of any changes being overlooked or lost.

Ultimately, while codicils might seem like a convenient option, they come with risks that can complicate the probate process and increase costs for your loved ones. By choosing to draft a new will instead, you can provide peace of mind and ensure your final wishes are carried out exactly as you intend.

If you’re considering updating your will, get in touch with Josh Young from Astute Wills. Book now for a free consultation today