Your last will and testament determines how your property is divided at the end of your life. It allows you to express your final wishes — but what if those wishes change over time? Altering the terms of a will is possible through a document known as a codicil.
If you are considering changes to your estate plan, it is important that you discuss the possibility of codicils in Atlanta with your experienced wills attorney. There are risks that come with this approach that could lead to serious, unintended consequences if you do not do it correctly.
What is a Codicil?
A codicil is an addition or supplement to your existing will. This additional document can strike parts of the original will or add new language that changes the intent of the document. It does not revoke the will, but instead, it replaces some of the terms used.
The same formalities apply to codicils as they do the underlying will. This includes putting the document in writing and having it signed by two witnesses. You must also be psychologically competent to create a valid codicil in Atlanta or anywhere in Georgia.
There are no notice requirements to contend with, which means you can change the terms of your will without ever needing to inform your beneficiaries—or former beneficiaries—that a change was made. You do not need their permission or approval to make these changes, even if they conflict with previous representations you might have made.
The Risks of Codicils
The law allows the creator of a will to amend, alter, or update the document by adding a codicil. This might sound convenient and potentially cost-effective, but there are also risks that come with this approach.
Because these additions are not part of the original will, they can at times be lost or replaced. Further adding to the confusion, some people execute multiple codicils that alter the terms of the same will. This can lead to disputes where the parties agree on the existence of a will but are fighting over which codicil was the most recently adopted.
If there are questions or disputes about the validity of a codicil, any updates included in it might not be considered by the probate court. This could leave an estate forced to apply the original pre-codicil will that is likely outdated. In many cases, this might result in a person’s assets going to a former spouse or another party who was intentionally removed from the estate plan.
How Do I Prevent Codicil Conflicts?
The best way to make changes to a will is to create an entirely new document. A new will can include language revoking all previous documents, providing the creator with a clean slate free of confusion. You have the chance to protect yourself and reduce the risk of errors by drafting a new will with the aid of an Atlanta attorney instead of relying on codicils to make a change.
It is also a good idea to make a comprehensive review of the entire estate plan in this scenario. If there are factors that require a change to your will, there may be other types of beneficiary information that needs to be updated.
Talk to an Atlanta Attorney About Codicils and the Need to Fully Update Your Will
While you have the opportunity to modify the terms of your will using codicils in Atlanta, that does not mean you should. An estate planning attorney can evaluate your situation and provide you with multiple options. Often, the best path forward is creating a new will that takes all of your goals into account. Call Siedentopf Law today to schedule a strategy session to discuss these options.
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