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A codicil is a legal document that allows modifications to an existing will without requiring a completely new will. It is typically shorter than the original will and specifies the changes desired. You should create a codicil if you need to update beneficiary or executor information, add details to specific sections, include new provisions, or add new property. However, it may be better to create a new will if a significant event affects multiple provisions, such as marriage, major asset changes, or substantial adjustments to distributions. A new will can better address extensive alterations than a codicil.