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This week, John explains what a codicil to a will is, when they’re a good idea, and when you should not do a codicil.
A codicil is an amendment to a will. They can be used when there is a smaller change and it seems easier than doing a whole new will. But codicils can have problems and aren’t always the best choice.
Is there a time and place for a codicil? Yes, if no one is going to be mad, and challenge the change that you’ve made. If you’re changing beneficiaries, or executors, and someone is going to be upset, you really should do a whole new will.
In order to do a new will, you need to make sure it is clear that you are making previous wills invalid. There are two ways to revoke a will: to physically destroy it, or to make a new will. John points out how physically destroying a will might not be enough.
John then explains that transferring property outside of the will might be even better. Using a payable on death or transfer on death designation means that the money or proceeds will go to the person you designated without going through the will at all.
Is there any value in doing your codicil in blood?
Did John do Devin’s will?
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