Author: Warren Gilmore - Law Student
Edited By: Ryan Carson
No matter how extensive your estate planning may be life often presents us with obstacles that force us to reassess. As such, it is generally recommended that individuals reevaluate their estate plans every 3 to 5 years. For many individuals when it comes time to make changes to a Will, many believe that the only way to effectively implement these changes is by drafting an all new Will. However, many routine changes can be implemented via a codicil, avoiding the need for drafting an entirely new Will.
A codicil is a legal document that is used as a supplement to invoke amendments or modifications to an already existing Will. Depending on the desired changes it may be easier and more cost effective for individuals to implement these changes through a codicil rather than drafting an entirely new Will.
Codicils can be used to implement relatively simple changes to an already existing Will, such as:
Appointing a new executor
Appointing a new guardian
Implementing a specific bequest, or changing circumstances to an already existing bequest
Although changes via codicil are legally binding, both these amended provisions and all original provisions will be visible to parties that will be called to act on your Will upon your death. If you prefer to not have these changes visible to others then creating an entirely new Will in complete replacement of the existing Will is likely your best option.
In many situations having an entirely new Will prepared is a better solution as it provides a clean slate, eliminating any potential confusion or conflict between existing documents. Further, many significant life changes actually make a new Will a necessity. In these instances, a codicil is no longer an option:
Upon marriage, any previously existing Will becomes invalid
Upon separation, if a previously existing Will does not provide for such a situation it will become invalid
Upon divorce, the sections of a previously exiting Will that involve the spouse will become invalid. However, the rest of the Will may still remain valid, although it may no longer make practical sense given the new family dynamic
Upon the birth of children, an existing Will may not make practical sense if it was not created to provide for the interests of potential future children
The list of reasons here are among the most common that create a need to have an entirely new Will created. However, they are by no means exhaustive, as individuals may amend or even revoke their Will whenever they see fit.
Whatever changes you wish to make to your estate plan, is it best to meet with an experienced lawyer. They will be able to help you effectively implement any desired changes through the most efficient means.
Articles written by Warren Gilmore:
Trust in Real Estate Services Act
Buying and Selling Real Estate On The Same Closing Day
GST/HST New Housing Rebate
Assignment of an Agreement of Purchase and Sale Separation Agreements and the Transfer of Matrimonial Property Estate Planning for Reconstructed Families
Sale of Canadian Property by a Non-Resident
The Prudent Real Estate Investors Checklist Alternative Approaches To Purchasing A Recreational Property Power of Attorney General Overview Power of Attorney General Overview - Continued Non-Resident Speculation Tax
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