Will you require any changes made to your will at some point in the future? If so, it is a good idea to think about whether you should make a codicil or entire new will. The type of change will determine which of these options is in your best interest.
First, you should consider if it is a minor change. An example is if you change the executor of the will. Cost is another issue at hand - creating a new is expensive. Also, it is be time-consuming, so if there is reason to be fast then you should opt for a codicil to your existing document.
Do you already have several codicils in place? Too many can lead to a complicated will, so you should avoid adding another in that case. Another aspect that is important is the nature of the requirements for the will and codicil. For instance, a new will should be created if the testator would like to keep a former beneficiary from being notified of the change.
Republication of a will occurs when there is a codicil added to it. This means that meanings can change once it is applied. Some of the original provisions may look ambiguous due to changes in the law or any intervening events.
Codicils need to have exact, clear language in them to be free from any doubt or contest. It is best to have the codicil be written by the same person who drafted your original will, or at least pay close attention to the details so that no errors are made. Avoid all inconsistencies and ambiguities when it comes to wills, as the original drafter can be held responsible. Consider how long this will take when weighing your options between a codicil or new will.
If you have questions about these matters or something else regarding elder law, contact us.