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A codicil is a legal document that allows for modifications to an existing will without creating a new one. It is typically shorter than the original will, detailing only the specific changes desired. You should create a codicil if you need to change the names or number of beneficiaries or executors, add detail to a section of the will, include new provisions, or incorporate new property. However, it's better to draft a new will when significant events affect many provisions, such as marriage, major asset changes like acquiring real estate or winning the lottery, or if multiple amendments are needed that a codicil would complicate.