Having an estate plan is a necessity for Ohio residents regardless of their age, income, family situation and plans for the future. A basic will is a protective device for them and their family to make sure their property goes where they want it to go after they are gone.
However, just because a person has written a will does not mean that their circumstances will remain the same forever. Inevitably, changes occur. People get married, get divorced, have children, have grandchildren, increase their net worth, make large purchases and experience challenges. These changes could warrant altering the will. For that, many want to add a codicil.
Understanding codicils and making sure it is valid
A codicil makes changes to the will. For example, if the testator had a grandchild and they want them to be named in the will, they could do so via codicil. It must be executed in the same way as it was originally with the basic requirements being that the testator is at least 18; is of sound mind and body; is executing it voluntarily; in most instances, does so in writing; and has at least two competent witnesses.
It is vital to adhere to the law when writing a codicil as people who were previously mentioned in the will and might stand to lose part of what they were set to inherit could call it into question. This makes it all the more imperative that the rules of execution are adhered to and the legal requirements are followed.
For vast changes to a will, it might be preferable to rewrite the entire document. To do so, the testator would need to revoke their current will. If the changes are relatively minor, it is inefficient and unnecessary to rewrite the entire will. With that in mind, people need to understand a codicil and what it does.
Avoid confusion by knowing how codicils work
As with any estate planning document, knowing and following the law is paramount. More importantly, they must make sure that it withstands scrutiny so there are no areas to call the validity into question. With this or any other aspect of estate planning, it is wise to know what must be done to ensure a smooth process. This is true regardless of whether it is a new will, a rewritten will or a will that is updated with a codicil.