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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 a will, as it only specifies the desired changes. You should create a codicil when you need to add or modify beneficiaries or executors, provide additional details, include new provisions, or add new property. However, it may be better to draft a new will in cases of significant events that impact multiple provisions, such as marriage, changes in asset distribution, acquiring substantial real estate, or winning the lottery.