Wills and Codicils
A Will is a legal document that records how your assets are to be distributed after your death. It also appoints the person or persons (the executor/s) you want to be responsible for the administration of your estate and distribution of your assets under your Will.
If you do not have a Will, the Administration Act prescribes how your assets are to be distributed after your death, which may not be as you wish.
A Will can be simple or sophisticated, depending upon the Willmaker’s circumstances and the circumstances of the intended beneficiaries. Whether simple or complex, a Will needs to anticipate the different situations which may exist at the time of your death, such as whether your intended beneficiary (for example, your spouse or partner) dies before you or after you.
A Codicil is a legal document that acts as an addition to a Will and is used to make changes to certain parts of a Will. It can be useful where the required changes are minor and you don’t want to rewrite your entire Will.