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In the video, estate planning specialist Daniel Hunt discusses the concept of a codicil, a legal document that allows individuals to modify specific sections of their will without rewriting the entire document. Codicils were more prevalent before word processing technology simplified the process of making changes to legal documents. Currently, in California, codicils are less common because most homeowners typically create a revocable living trust-based estate plan, which serves to simplify estate management and updates. Hunt emphasizes the importance of considering updates to one's will or estate planning documents as circumstances change.