How Much Does a Codicil Cost?

When you need to make minor changes to your will without rewriting the entire document, a codicil offers a practical solution. But how much does a codicil cost? The price typically ranges from $100 – $400, depending on several factors including your location, the complexity of the changes, and whether you hire an attorney or use DIY methods. While some people attempt to save money by creating codicils themselves, working with an estate planning attorney often provides greater assurance that your amendments will be legally valid and properly executed. The cost of a codicil is generally much less than drafting a new will, making it an economical choice for small updates.

A financial advisor can also review your financial situation to help determine which updates to include in the codicil for better estate planning.

What Is a Codicil?

A codicil serves as a formal amendment to an existing will, allowing for specific updates without the need to draft a new will entirely. This document is often used when a person wants to make minor changes, such as updating an executor, adjusting beneficiary details or adding newly acquired assets. Codicils maintain the original will’s structure while making newer instructions take precedence over any conflicting provisions in the original document.

To be legally binding in most jurisdictions, a codicil generally requires the same formalities as a will, including the signature of the person making it, known as the testator, in the presence of at least two unbiased witnesses, meaning they are not named in the will. A codicil should be kept with the original will and shared with the executor to avoid potential conflicts during probate.

Keep in mind that although codicils offer convenience for minor updates, substantial changes to a will might still call for drafting a new document to avoid ambiguity.

How Much Does a Codicil Cost?

Like many legal and financial services, the cost of creating a codicil can vary significantly depending on the approach. For those looking to make minor updates without legal assistance, websites like Rocket Lawyer and Law Depot offer free resources to draft a codicil independently, either by downloading a template or filling out a digital form.

Alternatively, some may prefer the assistance of an estate planning attorney, particularly if the codicil involves complex changes or if there’s a desire for additional legal review. Rates for this type of professional service can vary from $200 to $500 per hour, depending on the attorney’s experience and location, as well as the complexity of the requested changes.

Hiring an attorney can offer peace of mind, as they can help ensure that the codicil meets local legal requirements and integrates with the existing will. However, hiring an attorney is generally more costly than the online options, making it a more common choice for those with substantial estates or complex changes.

How to Change a Will Using a Codicil

Making changes to your will doesn’t always require starting from scratch. A codicil offers a straightforward way to modify your existing will without rewriting the entire document. Here’s what you need to know about using this legal tool effectively:

Review the will: Begin by carefully reading the original will to identify specific sections that need updating. This helps ensure that any modifications in the codicil align properly.
Draft the codicil: Use a clear, concise format to state each change. Specify the sections and language being modified to avoid ambiguity. Include language affirming that all other provisions of the will remain unchanged.
Follow applicable legal requirements: Most jurisdictions require that a codicil is signed by the testator (the person making the changes) and witnessed by at least two individuals who aren’t beneficiaries. Louisiana is the only state where notarization is required.
Attach the codicil to the will: Once completed, securely attach the codicil to the original will, keeping both documents together in a safe location.
Notify the executor: Inform the executor about the codicil’s existence and location. This can help prevent any confusion during the probate process.

Knowing how to change a will using a codicil can save you time and money when making minor adjustments to your estate plan. By following proper procedures, you can ensure your final wishes are accurately documented and legally binding.

Creating a Codicil vs. Creating a New Will

For those making substantial changes, drafting a new will as opposed to a codicil can simplify estate documents. A new will automatically revoke previous versions, eliminating any confusion that multiple codicils could create. In general, attorneys recommend creating a new will when changes involve significant alterations to asset distribution or multiple beneficiaries.

While creating a new will involves more time and higher costs than a codicil, it provides a fresh, clear record that is often easier for executors and beneficiaries to understand and implement. On average, creating a new will with an attorney can cost at least $300 or more, depending on complexity and location.

Codicils, by comparison, are generally less expensive, especially when the changes are straightforward, which can make them an efficient choice for minor amendments. However, when reworking multiple aspects of an estate plan, the benefits of starting fresh with a new will may outweigh the lower cost of a codicil.

Tips for Creating a Codicil

A codicil is a legal document that allows you to make minor changes to your existing will without having to rewrite the entire document. Creating a proper codicil ensures your final wishes are legally recognized and properly executed. Here are essential tips to help you create an effective codicil:

Consult with a legal professional: Working with an attorney who specializes in estate planning ensures your codicil meets all legal requirements. They can help you understand state-specific laws and ensure the language used is precise and legally binding, preventing potential challenges to your wishes after you’re gone.

Be specific about what you’re changing: Identify which sections of your original will you’re modifying or adding to. Reference the specific paragraph or section numbers from your original will and explicitly state what is being removed, added, or altered to avoid any confusion about your intentions.

Follow proper execution requirements: A codicil must be signed and witnessed with the same formalities as your original will. This typically means signing in the presence of at least two witnesses who aren’t beneficiaries, and in some states, you may need to have the document notarized for it to be legally valid.

Store it properly with your will: Keep your codicil in the same secure location as your original will, such as a fireproof safe or with your attorney. Inform your executor about the existence and location of both documents to ensure they’re found and implemented together when needed.

Creating a proper codicil helps ensure your final wishes are respected while saving you the time and expense of drafting an entirely new will for minor changes. When done correctly, this simple document provides peace of mind that your estate plan remains current and legally sound.

Bottom Line

A woman reviewing changes made to her estate plan.

A codicil provides a practical way to make changes to an existing will, with options ranging from free online templates to more tailored assistance from an attorney. Costs vary widely — online forms are free or fairly inexpensive, while you’ll pay more substantial fees for professional services. While a codicil can be a straightforward solution for some amendments, for those making more significant changes, drafting a new will can offer a clearer, single document that reflects all updates, streamlining the estate planning process.

Tips for Estate Planning

A financial advisor can help you create and make updates to your estate plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goal, get started now.
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