Creating an estate plan is a strategy for being prepared for the future. However, as time passes and circumstances change, you might need to make updates to your will.
In some cases, the updates are minor and do not warrant writing a whole new will. This is when a codicil might be useful.
According to Ohio law, a codicil is a valid update to the existing will. Still, it is important to be aware of all areas of estate planning, how a will is valid in the first place, and when the codicil goes into effect. This can avoid confusion and problems when the testator’s property is set to be distributed to their heirs.
Key points about a codicil
The codicil is useful when a person does not want to make so many changes that an entirely new will is needed. It is a supplement to the existing will. Some reasons why a person might want to write a codicil include adding or removing a beneficiary, changing the executor, or changing how property is passed along to heirs.
Of course, there are times when there are significant changes to an existing will and it would be better to simply write a new one. For example, getting divorced and remarried might make the situation too complicated to add a codicil and hope that people do not contest the will. If a person came into a large sum of money or lost assets, they would be wise to think about writing a whole new document.
When there are periodic changes, repeatedly adding codicils could be confusing and untenable. It is also critical to remember that the codicil must be valid. Just as a will must be written, signed, and witnessed, so too must the codicil. Failing to make sure the codicil is legal could lead to issues when the property is distributed.
Wills, codicils and other areas of estate planning require legal assistance
When creating or updating an estate plan, it is important to understand and adhere to the law. This will ensure the testator’s goals are met and there is a limited chance of disputes, disagreements, and hard feelings. Contacting professionals experienced in all areas of estate planning and probate can be helpful from the start.