Estate planning is not just one afternoon of dedicated dictation. You have a lot to work through when it comes to communicating with your family and making sure your will describes your wishes clearly.
In the event that you change your mind about any of it, you may wish to go back to the drawing board for a new will with updated wishes. However, as Virginia statute allows, you may only need a codicil if you wish to make small amendments.
Moments for a codicil
As you grow older, your priorities may change. You may make new friends or even fall out with some. A codicil can help you add a new beneficiary or highlight a new piece of property. In the event you wish to change your executor, a codicil can even do that.
Moments for a new will
Sometimes big changes or events alter things in your life enough that a complete redraft of your will is useful. This can include marrying into a new family with more beneficiaries to divide your estate with. It is a good rule of thumb to review your will every four or five years to make sure that your wishes then align with your wishes today.
Documenting both correctly
A codicil requires the same witnessing and notarizing for the probate process to recognize it. People must also attest to their soundness of mind. When altering a will with a codicil or drafting a new will, it is important to lean on all available resources in order to create a clear, defining document of your last will and testament.
