Codicil

What Does Codicil Mean?

A codicil is a legal document used to make amendments or changes to an existing will.

Insuranceopedia Explains Codicil

A codicil is intended to make minor modifications to a will, rather than major changes. For example, it can be used to update a beneficiary’s name after a life event such as marriage or divorce. Similar updates apply to life insurance beneficiary designations, which are held on the policy rather than the will. The testator can create multiple codicils over their lifetime, as long as they are mentally competent at the time of writing.

However, if the testator wishes to make significant revisions, such as removing a beneficiary, it is recommended to draft a new will. This helps avoid misunderstandings or misinterpretations by the probate court, which will be responsible for making decisions regarding the will. A life insurance payout normally skips this process, since the beneficiary collects the death benefit directly from the insurer.