'It's a Wonderful Life' sequel in production

The sequel to Frank Capra's 1946 movie "It's a Wonderful Life", which starred Jimmy Stewart and Donna Reed, is in works.

The sequel, titled "It's a Wonderful Life: The Rest of the Story," is being financed by Allen J. Schwalb of Star Partners and co-produced by Bob Farnsworth of Hummingbird Productions. It is expected to release in 2015, reports variety.com.

Karolyn Grimes, who played George Bailey's daughter "Zuzu" in the original, will also be a part of the sequel.

No casting decision for the lead role of Bailey's grandson will be made until February, but producers have begun discussions with original cast members Jimmy Hawkins, who portrayed Tommy Bailey, and Carol Coombs, who played Janie Bailey, to reprise their roles as well.

Farnsworth and Martha Bolton have written the screenplay for the film.

"The storyline of the new film retains the spirit of the original - every life is important as long as you have friends," Farnsworth said.