A codicil is a written supplement to a person's will, which must be dated, signed and witnessed under the same legal rules applicable to the making of the original will, and must make some reference to the will it amends. A codicil can add to, subtract from, revoke or modify the terms of the original will. When the person dies, both the original will and the codicil are subject to the probate process and form the basis for administration of the estate and distribution of the assets of the deceased.
A codicil is used to avoid rewriting the entire will. A codicil should reference each section number of the will and the specific language that will be affected. It is important that a codicil is as clear and precise as possible to avoid undue complications.
Statutory provisions in the various jurisdictions specify the formal requisites of a valid will. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New Mexico Changing Will with Codicil to Will Revoking Bequest and Devise: A Guide to Amending Your Testamentary Wishes Introduction: In the realm of estate planning, individuals often find it necessary to make modifications to their wills to reflect changes in their circumstances or intentions. New Mexico provides a legal process known as a "Changing Will with Codicil to Will Revoking Bequest and Devise" to facilitate such alterations. This detailed description will explain the concept, procedure, and various types of changes one can make through this legal mechanism. Definition: A Changing Will with Codicil to Will Revoking Bequest and Devise refers to the act of modifying a previously executed will by adding a codicil to revoke or alter specific bequests or devises (gifts or legacies). It enables individuals to update or redirect their assets, beneficiaries, or directives without entirely rewriting the entire will document. Types of Changes: 1. Revoking Bequests: Sometimes, testators wish to nullify or eliminate certain bequests granted in their original will. By utilizing the Changing Will with Codicil to Will Revoking Bequest and Devise, individuals can explicitly revoke specific gifts or legacies previously granted, thereby excluding the intended beneficiaries from receiving those assets. 2. Altering Bequests: In some cases, rather than completely revoking a bequest, individuals may prefer to modify its terms or conditions. By employing the Changing Will with Codicil, one can alter the nature, value, or specific provisions of a bequest, ensuring the intended modifications are legally binding. 3. Redirecting Bequests: When circumstances or personal wishes change, individuals might want to redirect a bequest to a different beneficiary. Employing the Changing Will with Codicil allows for this redirection, ensuring that the revised intentions are formally recognized and enforceable. Procedure: Creating a Changing Will with Codicil to Will Revoking Bequest and Devise involves the following steps: 1. Consultation with an Attorney: To ensure compliance with New Mexico state laws and requirements, it is advisable to seek the counsel of an experienced estate planning attorney. They will guide you through the process, ensure the legality of your amendments, and help draft the necessary documents. 2. Drafting the Codicil: The attorney will assist in drafting the codicil, which acts as an addendum to the original will and contains the specific changes being made. The codicil must clearly state the intention to revoke or modify certain provisions of the will. 3. Execution and Witnessing: Once the codicil is prepared, it must be signed and dated in the presence of at least two competent witnesses. These witnesses must be aware that the document is a codicil and that the individual signing it is of sound mind and acting willingly. 4. Preservation: To ensure the codicil is legally binding, it is crucial to store it alongside the original will in a safe and easily accessible location. Inform your executor or trusted individuals about the existence and amendments made in the codicil. Conclusion: A Changing Will with Codicil to Will Revoking Bequest and Devise provides a useful legal mechanism for individuals who require modifications to their testamentary wishes. Whether one needs to revoke, alter, or redirect specific bequests within their will, this process allows for amendments while maintaining the overall integrity of the original document. Seeking professional advice from an estate planning attorney is crucial to ensure compliance with New Mexico laws and the effective execution of the Changing Will with Codicil process.
