Codicil is not a word you hear every day. If you’ve recently encountered the term while estate planning, you may be wondering what it is.

These documents are crucial for maintaining an up-to-date will as they incorporate life changes, such as new family members, asset acquisitions, or changes in relationships. Codicils offer a way to make these adjustments without rewriting your entire estate plan.

A codicil amends an existing will, allowing for minor updates without creating a new document. Codicils are useful for adding or removing beneficiaries, changing bequests, updating executors, or clarifying language. They offer a cost-effective, time-efficient way to keep your will current. However, major life changes may require a new will instead. Johnson, Murrell & Associates can help provide you with legal guidance.

What Is a Codicil?

Codicils are legal documents that amend or add to an existing will without creating an entirely new document. In estate planning, codicils serve the purpose of updating specific provisions of a will to reflect changes in circumstances or wishes.

The primary functions of a codicil include: 

• Adding or removing beneficiaries 
• Changing specific bequests 
• Updating executor appointments 
• Clarifying ambiguous language in the original will 

Codicils have the same legal status as the original will and must be executed with the same formalities. By using them, you can efficiently update your estate plans without the need to rewrite your entire will.

Benefits of using a codicil

Codicils offer several benefits in estate planning. Possibly the biggest advantage is that they provide a cost-effective alternative to rewriting an entire will, saving both time and money. For minor changes, codicils offer a quicker process that allows you to update specific provisions without overhauling the entire document. 

Additionally, codicils maintain the integrity of your original will by preserving its core structure while accommodating necessary updates. This approach ensures that your estate plan remains current and reflective of your wishes without the need for a complete revision of your will.

When You Need One

You might need a codicil when adding or removing beneficiaries due to life events. They also come in handy if you want to alter specific bequests, like modifying the distribution of particular assets or monetary gifts. Updating executor or guardian appointments is another common reason to use a codicil, ensuring your estate is managed by your preferred individuals. 

As your assets change over time, you may need to address these modifications in your estate plan through a codicil. Additionally, if you discover ambiguous language in your original will, a codicil can clarify these points and ensure your final wishes are clearly understood and legally sound.

When You Don’t Need a Codicil

While codicils are useful for minor changes, there are situations where creating a new will is more appropriate. Major life changes often require substantial revisions to your estate plan that go beyond the scope of a codicil. 

This could be due to changes such as: 

• Marriage 
• Divorce 
• The birth of children 

A new will is also typically recommended if you’re considering significant changes to your estate distribution. This includes changes like altering your primary beneficiaries or drastically changing asset allocations. Your will may become complex and difficult to interpret if you make multiple codicils. In these situations, making a fresh start is often the best path forward. 

There may come a time when your existing will is outdated and no longer reflects your current wishes. For cases like these, it’s usually better to draft a new document rather than trying to patch it with codicils. Creating a new will ensures clarity, coherence, and legal soundness in your estate plan.

The importance of reviewing your estate plan

Regular reviews of your estate plan are important, especially when considering codicils. A periodic assessment of your overall estate planning needs helps identify when changes are necessary. 

This process allows you to update documents, including wills and codicils, to reflect your current circumstances, such as: 

• Changes in assets 
• Family dynamics
• Business considerations 
• Personal preferences 

You can even include your pet in estate planning.

What’s more, regular reviews ensure your estate plan remains aligned with Tennessee laws, which may change over time. By staying proactive, you can maintain an up-to-date and legally sound estate plan that accurately represents your wishes.

How To Create a Valid Codicil in Tennessee

To create a valid codicil in Tennessee, the document must be in writing and signed by the testator (the person making the will). It also requires at least two competent witnesses who are not beneficiaries to sign in the testator’s presence. While notarization is not mandatory, it can add an extra layer of authenticity. 

Given the legal complexities and potential impact on estate distribution, seeking professional legal assistance is highly recommended. An experienced attorney can ensure the codicil meets all legal requirements, properly references the original will, and effectively communicates the intended changes.

Choose Johnson, Murrell & Associates for Legal Assistance

Seeking legal assistance for codicils from Johnson, Murrell & Associates is the best decision thanks to our extensive expertise in estate planning. With over forty years of experience, our attorneys have successfully handled complex legal matters, including drafting wills and managing probate court issues. 

Our familiarity with Tennessee laws and commitment to outstanding representation ensures that your codicil will be legally sound and properly executed. We can clearly explain your options and help you choose the best course of action for your specific situation. 

By leveraging our team’s knowledge and reputation as one of the region’s most respected law firms, you can be confident that your estate planning needs will be met efficiently and effectively.

A codicil modifies an existing will, enabling minor updates without the need for a new document. It is beneficial for adding or removing beneficiaries, changing bequests, updating executors, or clarifying language. Codicils provide a cost-effective and efficient way to keep your will current, but significant life changes may necessitate a new will.

At Johnson, Murrell, & Associates, we understand that handling a loved one’s estate and bills after their passing is an emotional, stressful experience. Our job is to make your life easier, which means guiding you through the process so you understand what’s to come. To schedule a consultation, call us at 865-453-1091 or schedule an appointment.