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A codicil is a legal document that allows modifications to an existing will without the need to create a new one. It is typically shorter than the original will, specifying only the changes desired. You should create a codicil when you need to add or modify beneficiaries or executors, clarify details in the will, include new provisions, or add property. However, it's better to draft a new will if major events affect multiple provisions, such as marriage, significant asset changes, or when altering beneficiaries in a substantial way. In such cases, a new will may be more practical than a simple amendment.