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An amendment or modification to a will that is not intended to displace or abolish the will. Codicils are subject to the same legal requirements as a will, such as the signatures of a certain number of witnesses. Courts sometimes have difficulty in determining whether a document is a codicil or an entirely new will, but, in general, documents dealing with only a portion of an estate are presumed to be codicils unless they specifically abolish previous wills.
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A legal change made to a will.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.