When Should You Update Your Will?

Having a Will is an important step in the estate planning process. However, having your Will prepared is not a one time event. Just as your life and the circumstances in your life change over time, your Will also needs to be updated to reflect these changes.

We encourage you to take some to time to review your existing Will and determine whether it may be time for you to meet with us to update your Will. Please remember that an outdated Will can, in some circumstances, produce the same result as if you were to die without a Will.

The following points are intended to assist you in evaluating your Will and considering whether it might be time to update your Will:

• You are getting married or remarried or entering into a common-law relationship;
• You have recently separated or divorced;
• Your spouse has passed away;
• One of your children or other beneficiaries passes away;
• One of your children or other beneficiaries has become incapacitated or disabled;
• One of your children or other beneficiaries becomes a long-term recipient of government assistance;
• One of your children or another person becomes dependent on you (including one of your parents or some other person);
• You now have grandchildren;
• Your Executor dies, becomes disabled, moves away or loses contact with you;
• Your children are now of age to act as Executor;
• Your business substantially changes;
• You start or purchase a new business;
• You acquire assets in another province or territory, or outside Canada;
• Your financial situation, or that of a beneficiary, changes;
• You inherit significant assets;
• Your net wealth increases significantly;
• You have purchased or sold real property;
• You loan or give large sums of money to one of your children or another beneficiary and this affects this person’s bequest in your will;
• You have developed a relationship with a charity or some other organization which you wish to provide after your death.

Contact Stephen Miller for more information.

Located in: Wills & Estates