About Codicils
What is a Codicil?
A Codicil is a document that alters part of your existing Will but leaves the rest of the Will intact.
They are separate to the Will itself and must be stored alongside your Will. This will ensure your Executors are aware of any changes you have made to your Will when dealing with your estate.
We are more than happy to discuss your requirements, however, in some cases, it may be advisable to make a new Will.
If a Codicil makes drastic changes to a Will, the court may get involved to help oversee the handling of your estate. This is more likely if there are multiple Codicils to the original Will.
It is recommended that a new Will is made for changes involving more than 10% of your estate.
Probate and Estate Administration
Probate and Estate Administration
Probate is the legal process required to administer a deceased person’s estate. It involves applying for a Grant of Probate, which gives the legal authority to collect the deceased’s assets, settle outstanding debts and expenses, and distribute the estate to the beneficiaries. Where inheritance tax is due, it must usually be paid before the Grant of Probate can be issued.
A Grant of Probate is not always required and depends on the size of the estate and the nature of the assets involved. However, in many cases, a Grant may still be necessary even where a valid Will exists.
Once the Grant of Probate has been obtained, the estate administration process begins. This includes identifying and collecting assets, paying liabilities, and distributing the estate in accordance with the Will or applicable law. Where a trust exists or arises, special legal and tax rules apply, as both estates and trusts are subject to their own tax treatment.
Probate is the legal process required to administer a deceased person’s estate. It involves applying for a Grant of Probate, which gives the legal authority to collect the deceased’s assets, settle outstanding debts and expenses, and distribute the estate to the beneficiaries. Where inheritance tax is due, it must usually be paid before the Grant of Probate can be issued.
A Grant of Probate is not always required and depends on the size of the estate and the nature of the assets involved. However, in many cases, a Grant may still be necessary even where a valid Will exists.
Once the Grant of Probate has been obtained, the estate administration process begins. This includes identifying and collecting assets, paying liabilities, and distributing the estate in accordance with the Will or applicable law. Where a trust exists or arises, special legal and tax rules apply, as both estates and trusts are subject to their own tax treatment.