Codicil is a supplement that either amends or revokes a decedent’s will in whole or in part. A codicil does not replace the underlying will.
[Last updated in July of 2022 by the Wex Definitions Team]
trusts, inheritances & estates
collateral consanguinity
Collateral consanguinity is the relationship between persons who are descendants from the same common ancestor but do not descend or ascend from each other. In other words, they are related by blood but do not descend from each other.
...collateral descendant
A collateral descendant, also referred to as a collateral heir or collateral kin, descends from the same common ancestor as the decedent, but does not descend directly from the decedent. For example, siblings, cousins, nephews, nieces, aunts, and...
collaterals
Collaterals are relatives who descend from a common ancestor, other than direct ancestors and issue. Examples of one’s collaterals would be relatives such as uncles, aunts, or cousins. On the other hand, one’s ancestors are parents,...
commingling
Commingling refers broadly to the mixing of funds belonging to one party with funds belonging to another party. It most often describes a fiduciary’s improper mixing of their personal funds with funds belonging to a client. This form of...
common property
Common property refers to property owned by more than one entity. Because of this shared ownership, an individual party’s degree of control over common property is less than it would be if they owned that property alone. Common property is...
community property
Community property refers to assets acquired during a marriage by either spouse. These assets can include property, income and even debt. Not all states recognize community property. In a “community property” state (such as California), any...
community property with right of survivorship
Community property with the right of survivorship is an agreement where, after the death of a spouse, ownership of the property that is jointly owned by both spouses automatically passes to the other spouse. The property or asset therefore...
community trust
Community trusts are 501(c)(3) organizations designed to pool funds together to help fund projects in a community. These trusts can be used for a variety of needs such as scholarships, environmental projects, preservation, and affordable...
complex trust
A complex trust is one that does not fulfill the IRS conditions of a simple trust. The expression "complex" refers to the trustee's discretion rather than the trust's provisions being more complex. A complex trust must engage in at least one...