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A codicil is a legal document that allows you to modify your existing will without drafting a new one. It is typically shorter than a last will and outlines specific changes. You should create a codicil if you need to add or modify beneficiaries or executors, add detail to a section, include new provisions, or add property. However, it is better to draft a new last will when major life events significantly impact many provisions, such as marriage or acquiring significant assets (like real estate or lottery winnings), or when the changes needed are extensive.