Codicils and Amendments of Wills:

Undoubtedly, it makes good business sense to have a will prepared at any stage of your working life. Over time, as your circumstances and your lifestyle change you may be required to either update or amend your will to reflect your current situation, goals and expectations. A Wills and Estates Lawyer may have regard to your factual matrix and extract the relevant information to determine the appropriate next steps in order to appropriately amend or update your will.

A codicil is ‘a document that is executed by a person who had previously made his or her will, to modify, delete, qualify, or revoke provisions contained in it.  A codicil effectuates a change in an existing will without requiring that the will be re-executed. The maker of the codicil identifies the will that is to be changed by the date of its execution. The codicil should state that the will is affirmed except for the changes contained therein. The same formalities that are necessary for the valid execution of a will must be observed when a codicil is executed. Failure to do so renders the codicil void’.

A codicil was historically useful because printing and drafting costs were high and it provided convenience and ease of preparation. These advantages are still relevant today particularly if the change is minor and not complex. However as printing and execution costs have diminished due to technological advances and ease of communication, it might be propitious to simply amend your will and re-execute. Obtaining proper legal advice from a Wills and Estates solicitor may provide you with the tools and knowledge for you to properly protect your assets and interests in a well-drafted will, and they will be able to assist you in any future changes and updates that you might require.

There may be a myriad of reasons why you require your will to be updated or amended, due to push or pull factors. Push factors, or externally driven factors, include changes to the laws relevant to Wills and Estate planning such as changes in taxation and trust law. These may require you to restructure executor powers and duties, any testamentary trusts and how the benefits or bequests in the will are allocated, released or distributed.

Pull factors, or internally driven factors, may be a change in your career, business prospects, wealth status or changes/additions to your family. These may require you to reassess you needs and expectations, and therefore change certain provisions in your will. A qualified Wills and Estates lawyer may have regard to your issues and situation and discuss various potential avenues to provide you with preliminary advice and redraft your will accordingly. 

You may book an appointment with us by telephone on (02) 9233 4048 or send an email to info@navado.com.au. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.