Codicil
Definition and meaning of Codicil in real estate.
A codicil is a formal legal document that amends, clarifies, or revokes specific provisions of an existing will without requiring the entire document to be rewritten. It must be executed with the same legal formalities as a will, including signing and witnessing in accordance with state laws.
In more detail
In real estate, property owners use codicils to update how their real estate assets will be distributed after their death. For example, an owner might use a codicil to change the beneficiary of a home, add conditions to a property transfer, or appoint a new executor to manage the estate.
Using a codicil can be more cost-effective than drafting an entirely new will, especially for minor modifications. However, if major changes to property distribution are needed, estate planning attorneys often recommend creating a new will to avoid confusion and potential legal challenges.
Key facts
| Category | Legal, Titles & Closing |
|---|---|
| Required by | Will makers who want to modify their estate plan |
| Watch out for | Must follow strict state laws for execution to be valid |
| Also known as | Will amendment |
An owner signs a codicil to their will to specify that their newly purchased vacation home should go to their grandchild instead of their general estate.
Frequently asked questions
Can a codicil be used to change who inherits a house?
Yes, a codicil can specify new beneficiaries or alter the distribution of real estate assets previously outlined in the original will.
Does a codicil need to be notarized?
Requirements vary by state, but a codicil generally must be signed by the testator and witnessed by two or more disinterested parties to be legally binding.
Related terms
Sources & references
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