When do you need a codicil to your will?

On Behalf of | Nov 11, 2021 | Firm News |

If you have a will in place, it is important to understand what you need to do to make changes to it as needed. The instructions that you specify in a will may need to change as the way that you need to provide for your family changes.

Fortunately, Texas’ statutory law governing estates permits testators to update a will by executing a codicil. With this record of the amendment, you can assure that the provisions about your estate match your current needs.

Change an executor

An executor of an estate has a central role in its administration, so it is essential to make a strategic choice about who will serve in the role. If someone who you previously designated is unable to serve or you have identified a better choice, you can make a new appointment in a codicil.

Add bequests

If you change your mind about what property you would like to leave to individuals, you can formalize your wishes with a codicil. Also, as you acquire additional property over time, you may need to incorporate it into your estate plan.

Revoke bequests

If you wish to cancel a provision in a previously executed will, a codicil can document your decision. In the event that you need to revoke a provision to a beneficiary and leave it to another person, a codicil could substitute beneficiaries.

Ultimately, codicils are useful tools in estate planning because they help people keep wills current without having to replace them altogether. They are a simple way to make either small or large changes with binding legal effect.