How Codicils Can Simplify Updating Your Will as Life Evolves

Writing a will is probably not something you want to do more than once. So, if things have changed since you finished the process, and you don't want to start over, you could consider crafting a codicil instead.

(Image credit: Richard Umkehrer)

Let's say you've written your will and expressed how you'd like your assets to be split among your heirs, but it's been a few years, and since then, things have changed. Perhaps your daughter graduated from law school, and you want to name her as your executor. Or maybe you've inherited your parents' home, or you've taken up car restoration and now own a cherry 1973 Corvette Stingray that one son loves and the other couldn't care less about.

Writing and executing your will is an indispensable piece of estate planning, but oftentimes, specific assets are overlooked or are subsequently introduced, or sometimes your wishes simply change.

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Casey Robinson, CFP
Managing Director - Wealth Planning, Waldron Private Wealth

Casey Robinson is the Managing Director of Wealth Planning at Waldron Private Wealth, a boutique wealth management firm located just outside Pittsburgh. He focuses on simplifying the complexities of wealth for a select group of individuals, families and family offices. Robinson has extensive experience assisting multi-generational families with estate planning strategies, integrating trusts, tax planning and risk management.