How to update a Will – a new Will or a Codicil?

What is a Codicil?

A Codicil is a separate document to your Will which alters the terms of your Will. It should always be stored with your Will.

A Codicil is intended for small or minor changes, for example, including a new legacy or altering an existing legacy, or a change of executor or guardian.

It has the same effect as a Will (and “republishes” the existing Will), so the same strict rules apply when signing a Codicil. Like a Will, it must be signed in the presence of two independent witnesses.

There is no limit on how many Codicils you can add to your Will, but more than one is not recommended.

Advantages of a Codicil

It is often quicker and can be cheaper to do a Codicil. They can be appropriate for minor changes.

Disadvantages of a Codicil

It is very important that care is taken when drafting and executing a Codicil. If the strict rules on construction and execution are not observed it could mean that it is invalid or worse, it inadvertently revokes part or all of your existing Will and your wishes are not then carried out.

If a Codicil is ambiguous or inconsistent with your Will, it can lead to disputes between beneficiaries, which are likely to be time-consuming and expensive for the estate.

Having more than one document increases the likelihood of some or all going missing. There is a risk that your Executors do not know a Codicil exists, or they do not appreciate its significance. Once the Will is located they proceed in good faith on the basis of the Will alone and your wishes are not followed.

Usually when a Codicil is prepared, it is on an ‘instruction and execution’ basis only. A full review of your current circumstances is not carried out even though your Will may be out of date (perhaps due to a change in the law, of which you are unaware).

Expressing your wishes across multiple documents can mean they are confusing to follow. If a Codicil is not drafted carefully your Executors could misinterpret the meaning.

Which one?

Instructing a solicitor to prepare a new Will is an excellent opportunity to review your existing Will, any changes to your circumstances and the current law on succession and inheritance tax. Spending more now to make a new Will could avoid future complications and expense to the estate. You should seek the advice of a solicitor specialising in this area of law to help guide you.