Dealing with properties or investments can be tricky. Especially, when you need to make a decision about who would inherit your share after your death. Before making a decision you should be clear about what is a Codicil, or what is a Will. So, let me explain what is a Codicil used for.
What does Codicil mean in a Will?
A codicil is a legal document that is required when you want to make some small changes in the Will. The advantage of Codicil is that you can make changes to the Will without having to rewrite the Will from the beginning. A codicil can only be used after making the Will. Let me share an example with you.
You made a Will that your granddaughter Will inherit your savings. But after a few years, a second granddaughter was born. So, to share the savings equally you used Codicil to ensure both your granddaughters get your savings amount equally after your death.
A codicil is a simpler and quicker instrument to make some changes in the Will. Nowadays, you can even use online tools to update your Will with the help of Codicil. A codicil is required when:
You want to change the executor
Update beneficiaries
Update the gifts to a beneficiary
Update the guardian selection if your child is below the age of 18
I hope you understand what is a codicil and when can it be used.
Read more:
What is Willin law?
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What is a Codicil?
garima
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2022-10-21T10:46:40+00:00 2022-10-21T10:46:42+00:00Comment
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