Life circumstances change over time, as does the value of your assets. We recommend regular reviews of your Will to ensure it best reflects what you'd like to happen to your estate when you die.
Your Will should certainly be reviewed in the following cases:
Your Will is valid until you make a new Will (thereby 'revoking' the old Will). Your Will can also be revoked by destroying it.
A codicil gives you an opportunity to make minor alterations to your Will without the need to draft a completely new Will. It should be remembered that a codicil is an independent document in itself. If you subsequently cancel your Will, you might not cancel your codicil automatically.
If you wish to cancel changes made by way of a codicil, you must make it clear in making your new Will or prepare a new codicil if the changes are of a minor nature.
A codicil is similar to a Will but generally it is supplemental to a Will that has been previously made. The codicil is subject to the same formal requirements as the Will.
For all practical purposes, codicils are used to make straightforward additions or amendments to an existing Will. These include the change of an executor, a change to a specific gift or the addition of a beneficiary, and any other minor alterations that may be required. Where it is necessary to make more fundamental changes to the Will, it is advisable to consider making a new Will.
A codicil can exist independently of any Will. If the testator cancels a Will but does not cancel a codicil that was made subsequent to the Will, it may result in there being inconsistencies that should be avoided. For this reason the revocation clause in a subsequent Will should express a clear intention to revoke all former Wills and testamentary dispositions (i.e. documents that are Wills or alter existing Wills (e.g. codicils) or are part of existing Wills).
There are many different situations which can arise where you might want to make alterations to your Will using a codicil. Some of these are described below: