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A codicil is a legal document used to modify an existing will without the need to create a new one. It is typically shorter than the full will, focusing only on specific changes. You should create a codicil if you need to add or change beneficiaries or executors, clarify sections, include new provisions, or add new property. In contrast, you should create a new will when a significant event affects multiple provisions, such as marriage or acquiring substantial assets, or when the amendments needed are too extensive for a codicil.