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Around two-thirds of over-55s have a will. Writing one gives you control over what happens to your property, money and belongings when you die and can reduce the risk of a family dispute.
Even if you’ve written your will and stored it safely away, it’s crucial not to forget about it.
Several important life events could invalidate it or cause you to re-evaluate who you’ll leave money and property to (known as your beneficiaries), making it essential to know when to update your will.
The thing is, writing a new will can be a time-consuming and costly process, especially if you’re doing it regularly. So, for small alterations, you could consider adding a simple (and cheaper) change known as a ‘codicil’ instead.
A codicil is a legal document that supplements your will so you can make small changes. You can use it to add, tweak or remove sections of your will.
As you cannot write directly onto the will itself, a codicil is created as a completely separate document and kept with your will.
Codicils were popular before the days of computers when all wills were handwritten. Rather than rewriting a will from scratch every time a change was made, codicils sped up the process, allowing people to only rewrite the sections they wanted to amend.
“The word ‘codicil’ comes from the Latin word codicillus, meaning ‘a short writing’ or ‘a small writing tablet’,” explains Sophie Barton, Solicitor at Moore Barlow Lawyers.
“Codicils were created during the Roman Empire as a less formal way of deciding what should happen with a person’s estate after their death, so long as the codicil was confirmed in that person’s will.
“During its history, however, codicils have become more formalised and now have the same execution requirements as a will.”
A codicil is suitable for making simple alterations to your will, as Naadim Shamji, Senior Associate at law firm B P Collins, explains: “A codicil should be used for smaller changes [to] your will, for example [if you want to] change an executor or include a small legacy, but do not want to re-sign a new will.”
You could use a codicil to add a beneficiary such as a new grandchild or modify funeral arrangements. Amendments should be straightforward to understand – if anything is unclear, it’s better to write a new will.
Elisabeth Squires, Solicitor and Director at Britton and Time, says: “The codicil must be 100% clear and precise as any mistake could lead to disagreements as to the interpretation of the codicil and this could lead to disputes between beneficiaries.”
If a member of your family is struggling with the larger task of writing a new will, a codicil can be an option there too.
“It is also useful to do a codicil rather than a will if mental capacity is an issue, as it may be that the [will writer] has enough capacity to make a small, isolated change, such as the inclusion of a small legacy to a charity, but not sufficient capacity to make a more major change affecting the distribution of the estate,” adds Shamji.
You can add a codicil without legal assistance, using online templates for guidance. But Squires recommends consulting a solicitor “to ensure that the codicil is drafted correctly and in accordance with the law.”
Alternatively, if you’re concerned about the expense of a solicitor, you could use a will writer.
These professionals are not solicitors, but if you ensure they’re signed up to an accredited trade body (such the Society of Will Writers or the Institute of Professional Will Writers), they’ll be trained in will writing and estate planning.
Just like a will, a codicil must be signed. In England and Wales, this must be in the presence of two independent witnesses and dated.
Squires says: “The witnesses must be over the age of 18 and must not be beneficiaries to the will. If beneficiaries sign as witnesses then their gift in the will is invalid.”
It’s also a good idea to let the executor (who will settle your financial affairs after you’ve died), know that the codicil is in place.
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Although codicils can be useful, they won’t always be suitable. If you’re remarrying or want to change how your estate is being divided up, it’s best to write a new will.
“A codicil should only be used for the most minor of changes to your will,” says Barton. “It is not advisable to make significant or multiple changes by way of a codicil.
“Similarly, if your will was made more than two years ago, it is usually best to create a new will to make sure you have accounted for changes in inheritance law and your own personal circumstances since your current will was made.
Although there are no limits to the number of codicils you can have, it’s best to stick to one or two. Multiple codicils can make your will difficult to understand, which could result in your wishes not being followed.
Squires says: “Solicitors often come across situations where there are four or five codicils and this can become very confusing, particularly if the same clause is amended multiple times.
“Additionally, if any of your codicils are lost, the lost codicil will not be given any effect.”
It’s important to store your codicil safely along with your will as each must be read in conjunction with the other.
“If a codicil is prepared with a professional, they will usually offer to store the codicil in a strongroom,” says Shamji. “If not, the codicil should be stored somewhere secure, but not so secure that it is inaccessible should it need to be referred to by the executors when the time comes.”
Codicils that are not kept safely with a will could get lost or damaged, and this could cause problems when administering your will.
If you have written your will or codicil yourself, you can also lodge it with the Probate Service (England and Wales) for safe keeping. The service costs £20 at the time of writing.
It’s important that you don’t store your will and codicil in a safety deposit box at your bank. This is because your executor won’t be able to access it until you have probate, but (in a frustrating catch-22 situation) it's tricky to get probate without your will.
The cost of adding a codicil to your will can range from £30 to £300, but this depends on the complexity and what kind of methods you use – from a simple online service to a professional will-writer or solicitor.
“The total cost of a codicil would also depend on what is being changed and the time engaged with the individual making these changes,” adds Nick Rhodes, Head of Wealth Planning & Succession at Blacks Solicitors.
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