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Codicil to a will

Grandad99
Posts: 119 Forumite


My wife and I have mirror wills and need to make a minor alteration to reflect the financial positions of our 4 daughters. 2 have always been comfortable financially, the other 2 less so. Our current wills apportion the entire estate after the death of the last of us 30% to 2 of them and 20% to the other 2
The financial gap has grown and we want to change the proportions to 40% and 10%. We have discussed this with the "losers" and they are quite happy about it.
I have looked at the various forum posts about codicils and can't see using one for this alteration would create any of the problems mentioned.
I see that a codicil should not be attached to a will - is it OK for it to be kept in the same envelope along with the Power of Attorney and other documents?
The financial gap has grown and we want to change the proportions to 40% and 10%. We have discussed this with the "losers" and they are quite happy about it.
I have looked at the various forum posts about codicils and can't see using one for this alteration would create any of the problems mentioned.
I see that a codicil should not be attached to a will - is it OK for it to be kept in the same envelope along with the Power of Attorney and other documents?
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Comments
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Why don't you just re-do your wills to reflect the new percentages? Should be straightforward if they are otherwise identical in content.0
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To remake your Wills is far more costly that a Codicil, My Wife and I made a Codicil with our solicitors earlier this year and the solicitor was most helpful when I gave him my draft in that an additional wording was necessary. Do not attempt this yourself and make sure that you also add a letter of wishes that clearly states you have discussed the split with your children and they are all in agreement. Once the Codicil has been completed, the solicitor will attach it to your Wills.I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.1
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SeniorSam said:To remake your Wills is far more costly that a Codicil, My Wife and I made a Codicil with our solicitors earlier this year and the solicitor was most helpful when I gave him my draft in that an additional wording was necessary. Do not attempt this yourself and make sure that you also add a letter of wishes that clearly states you have discussed the split with your children and they are all in agreement. Once the Codicil has been completed, the solicitor will attach it to your Wills.0
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Do what Emmia says. Why employ solicitors unnecessarily. And never,ever, ever attach anything to a will; not by paper clip and certainly not by staple.
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relaxtwotribes said:Do what Emmia says. Why employ solicitors unnecessarily. And never,ever, ever attach anything to a will; not by paper clip and certainly not by staple.
My will cost me £250 in London 18 months ago, and as you should have a solicitor to draft the codecil, the cost of that vs a fresh will may work out very similar cost wise.0 -
Keep_pedalling said:SeniorSam said:To remake your Wills is far more costly that a Codicil, My Wife and I made a Codicil with our solicitors earlier this year and the solicitor was most helpful when I gave him my draft in that an additional wording was necessary. Do not attempt this yourself and make sure that you also add a letter of wishes that clearly states you have discussed the split with your children and they are all in agreement. Once the Codicil has been completed, the solicitor will attach it to your Wills.0
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Thinking outside the box. Both wills are in our possession and the only difference between them and new ones would be the different percentage figures. I could type new ones, copying the originals word for word apart from the percentages and get them properly witnessed.
Is this a feasible option?0 -
Yes. Properly witnessed.1
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Grandad99 said:Thinking outside the box. Both wills are in our possession and the only difference between them and new ones would be the different percentage figures. I could type new ones, copying the originals word for word apart from the percentages and get them properly witnessed.
Is this a feasible option?
https://www.gov.uk/government/publications/store-a-will-with-the-probate-service
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Emmia said:Grandad99 said:Thinking outside the box. Both wills are in our possession and the only difference between them and new ones would be the different percentage figures. I could type new ones, copying the originals word for word apart from the percentages and get them properly witnessed.
Is this a feasible option?
https://www.gov.uk/government/publications/store-a-will-with-the-probate-service0
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