Atticus Staff Writer

Understanding Codicil to a Will: A Complete Guide

Codicils provide a means of making minor changes to a last will without having to create an entirely new document. Let's explore the benefits, legal requirements and other FAQ's about codicils used in estate planning.

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Codicil

A codicil is a legal document that outlines any additions or modifications to the last will and testament. An executor should be aware of any codicils to ensure that the most recent updates are included with the wishes of the last will and testament.

Estate Account

An estate account is a temporary bank account opened for the specific purpose of managing and distributing an estate’s assets.

Notice to Creditors

A notice to creditors is when an executor notifies any estate creditors (people owed money) of a death, and that they must submit a claim to get paid.

Personal Representative

Personal Representative is a synonym of executor, meaning the person in charge of settling someone's estate after they pass away.

Testate

Testate means passing with a will and is the counterpart of intestate, which is when someone passes away without a will. You will often see one or other discussed during probate, depending on the planning of the deceased.

Heir

An heir is an individual who is legally entitled to receive property when a decedent passes away intestate (without a will). The heir will receive assets simply because they are a relative of the decedent.

Per Capita

Per Capita is a legal term that basically means 'per person'. An executor will see this term in the course of their estate administration duties when reviewing legal contracts such as the will or life insurance policies.

Per Stirpes

Per Stirpes is a legal term that basically means 'by branch'. An executor will see this term in the course of their estate administration duties when reviewing legal contracts such as the will or life insurance policies.

Testator

Living Trust

A living trust is a legal document established during a person's life where a trustee is selected to manage that person's assets for the benefit of a beneficiary. Also referred to as "inter vivos trust".