Changing your Will: What you need to know about Codicils

Creating a Will is a crucial step in ensuring that your wishes are respected, but sometimes, changes in life circumstances require adjustments. In such cases, a Codicil can be a simple solution. Below, are some common questions and answers about Codicils and when they’re appropriate to use.

How many of those over 50 have a Will in place?

Whilst we do not know the exact number of Wills currently in the UK for over 50s, we are aware that less than half of the adult population have a Will in place, meaning that the estates of many millions of people Will be distributed to beneficiaries in accordance with the intestacy rules. Those rules which apply to people’s estates when there is no Will in place might not reflect the true wishes of what the deceased individual would have wanted.

What is a Codicil and why is it called that?

A Codicil is understood as an additional or supplementary document used to make small changes to a Will. For example, to add an executor or to add in another legacy to a beneficiary. Ultimately, a Codicil allows you to make amendments to an existing Will.

When to use a Codicil (but don't let things get confused)

Legal experts would typically only recommend a Codicil for say one or two small changes. If someone is wanting to make more than a couple of minor changes, we would recommend that the individual drafts a new Will to ensure that their wishes are reflected.

How to add a Codicil (fairly in-depth steps)

A Codicil is a separate testamentary document. It is not possible to amend the signed Will itself and therefore needs to be done by a separate Codicil which sits alongside the Will. It is similar to a Will and the exact same rules apply to signing and witnessing a Codicil as they do to a Will.

When should you not use a Codicil? How many is too many?

If someone is wanting to make fairly significant changes to a Will, it would be recommended that a fresh Will is made rather than a Codicil, which can cause additional confusion when there are several changes. There is more scope for error and misinterpretation of a testator’s true intention if a Codicil is used for many changes to a Will.

How much does a Codicil cost?

The total cost of a Codicil would depend on what is being changed and the time engaged with the individual making these changes. Typically, the cost would be around £200.

How should you store a Codicil?

A Codicil should always be kept somewhere safe, preferably with a solicitor or at the bank. The Codicil should also always be stored alongside the individual's signed Will. We would always recommend a copy of a Codicil is also made.

If you have any queries regarding the above, our Private Wealth & Succession team would are happy to help. Please call us today on 0113 207 0000.