Codicil Vs New Will: What’s the best option?
You’ve made your Will ‘ great! But as we all know, life changes and there are circumstances where it is not only advisable but essential to update your wishes.
You may then be faced with the choice between making a codicil or a new Will entirely.
In the following article, the expert Will writing solicitors at Future Planning Solutions examine the differences between the two legal documents and how they can work for you.
If you have a question regarding a Will, call our dedicated team direct on 01282 695400.
The importance of an up-to-date Will
Although it can be tempting to forget about your Will once it is written, it is important to regularly review the document and update it when necessary.
At Future Planning Solutions, our experts would advise that you review your Will at least every 5 years or sooner following any major life events such as marriage, divorce, the birth of children or grandchildren.
Regular reviews of your Will can also help to ensure that you are minimising any possible tax charges on your estate.
Failure to keep your Will up-to-date could be just as troublesome as having no Will at all.
You can read more about when you need to review your Will by clicking here.
What is a codicil?
Put simply, a codicil is an amendment to a Will. It must be signed and witnessed in the same way as a Will but can not be attached in any way to the original Will.
Generally, a codicil can be used to stipulate small changes and there is no limit as to how many codicils you can create.
However, multiple codicils could cause confusion for whoever administers your estate and problems can arise if a codicil is missing or no one knows about it. In instances such as this, it can difficult to determine what your wishes were.
Similarly, making a codicil is no substitute for accurately reviewing your Will and ensuring that it continues to reflect your circumstances.
The advantages of making a new Will
Does this mean then that a new Will should only be written following major changes?
No ‘ making a new Will is often preferable to creating a codicil for the following reasons:
- Clarity; making a new Will ensures that there is only one set of instructions to follow
- There can be no confusion as to your exact wishes
- As a codicil has to be witnessed and signed in the same manner as a Will, it often makes sense to write a new Will
Whether you chose to make a codicil or new Will, it is important that you seek professional advice. A solicitor will be able to talk through your options with you and ensure that your wishes are accurately reflected.
How Future Planning Solutions can help you
The expert estate planning solicitors at Future Planning Solutions have many years’ experience in preparing Wills and codicils. When you’re ready to talk to us, one of our solicitors will listen to what you want to happen, go through the options available to you and to answer any questions you may have.
You can trust us to work with you to ensure you have a Will that is right for you and your dependants
To book your free consultation with a Will writing specialist, call 01282 695400 today.
Or, you can request a call back by completing a few details online.
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Book a free conversation with one of our specialist solicitors to find out how Future Planning Solutions can take the hassle out of handling your affairs.
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