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A codicil is a legal document that allows you to amend or modify an existing will without drafting a new one. It's typically shorter than a will, focusing solely on the changes. You should create a codicil when you need to add or modify beneficiaries, executors, or specific sections of the will, include new property, or add new provisions. However, it is better to draft a new will in cases where significant life events impact many provisions, such as getting married, changing beneficiaries extensively, or experiencing substantial changes in assets like acquiring real estate or winning the lottery.