A simple way to change your will
Many of our supporters have found that leaving a gift in their will to Trinity College School is a great way to create a lasting legacy, without having an impact on their lives today. But if you already have a will in place, it can often feel like a bit of a task to undertake the redrafting process.
One quick, simple and cost-effective way to make your intentions known is to add a codicil. This allows you to include a charitable gift while keeping the rest of your will intact.
What is a codicil?
A codicil is a legal document that is separate from your will. It’s a straightforward way to make minor changes, modifications or updates without the expense of drafting an entirely new document.
It’s legally binding. When properly executed a codicil ensures your charitable bequest is legally recognized.
It preserves your wishes. Your existing will remains unchanged except for the specific additions made in the codicil.
Tips for adding a codicil
Consult a professional. While a codicil is a simple document, it must follow legal requirements which may differ from province to province. A legal professional can help ensure it’s properly drafted and witnessed.
Keep it simple. If your changes are simple, a codicil can be a convenient solution, but if you’re making multiple amendments, drafting a new will may be a better option.
Include key details. Your codicil should reference your original will and clearly state your charitable bequest.
A set amount is recommended. Rather than a percentage or residual, which work well in the fuller context of a will, a specific amount is simpler to add in a codicil.
Sign and store it safely. A codicil must be signed and witnessed, just like a will. Keep it with your original will so your executor can find it easily.
Review your will regularly. It’s recommended that you review your will on a regular basis – and redraft it if necessary. This is the moment that you can make your codicil a permanent part of your will.
We can help you!
You can download our codicil form guidelines here. If you’d like more information about including us in your will, please contact Manager of Legacy Giving, David Fisher ’93, by calling 905-885-1295 or emailing him at dfisher@tcs.on.ca. He’d be honoured to discuss how your legacy can support the future of Trinity College School.
