Written by Michelle Gold – Partner – Wills and Estates.
A Codicil is usually only used when you want to make a minor change to your Will, such as:
1. Updating your executor.
2. Updating a gift because you have sold the asset.
3. Adding a contemplation of marriage clause.
4. Adding a beneficiary (such as a grandchild born after the date of your Will).
5. Removing a beneficiary who dies after the date of your Will.
If you want to make substantial or numerous changes to your Will, we recommend re-writing your existing Will.
Even if the change is minor, there are circumstances where you may want to make a new Will rather than a Codicil, such as if you are changing a beneficiary. If you make the amendment by Codicil, both the Codicil and Will are lodged in support of the Grant of Probate (if required) and become a public record.
Further, there are provisions authorising an “interested person” to request a copy of your Will (which includes your Codicil) after your death. The person who has possession or control of it must allow the interested person to inspect the document or obtain a copy.
If you execute a new Will, you revoke your previous Will. You can destroy that document, and copies of it for privacy reasons.
If you’re unsure whether a Codicil is right for your situation or you’d like guidance updating your Will, the team at Terracon Legal is here to help - reach out anytime for personalised advice and support: estates@terraconlegal.com.au