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A codicil is a legal document that modifies an existing will without the need to create a new one. It is typically shorter and only outlines the changes needed. You should create a codicil if you want to add or modify beneficiaries or executors, clarify a section, introduce new provisions, or include new property. However, it is better to draft a new will when significant events affect multiple provisions, such as getting married, wanting to include a spouse as a beneficiary, or making substantial changes in assets, like acquiring real estate or winning the lottery. In such cases, a new will is more appropriate than a codicil.