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A codicil is a legal document that allows modifications to an existing will without drafting a new one. It is typically shorter than a will, outlining only the desired changes. You should create a codicil when adding or modifying beneficiaries or executors, detailing specific sections, incorporating new provisions, or adding new property. However, creating a new will is advisable when significant events affect multiple clauses, such as marriage, changing beneficiaries to charity, or substantial changes in assets, like acquiring real estate or winning the lottery.