When Should You Update Your Will?
Important Life Changes That May Require a Review of Your Estate Plan
Many people understand the importance of preparing a Will, but far fewer realize that estate planning is not a “one-time” event. As life circumstances change over time, a Will that once reflected your intentions may eventually become outdated or no longer appropriate.
Generally speaking, it is advisable to review your Will periodically, particularly following significant life events.
Common situations that may justify updating your Will include:
marriage or divorce;
entering into a new common law relationship;
the birth of children or grandchildren;
the death or incapacity of an executor, beneficiary, or attorney for property or personal care;
significant changes in financial circumstances;
the purchase or sale of major assets or real estate;
moving to another province or country; or
changes in family relationships or personal intentions.
Many people are surprised to learn that certain life events can have important legal consequences for existing estate planning documents. For example, marriage and divorce may affect the validity or interpretation of portions of a Will under Ontario law.
It is also important to ensure that executors, beneficiaries, and attorneys named in your documents remain appropriate choices over time. Relationships, health, financial circumstances, and family dynamics can all change significantly over the years.
Even where no major life event has occurred, it is often advisable to review your estate plan every few years to ensure that it continues to reflect your wishes and current circumstances.
Updating a Will does not always require preparing an entirely new document. In some circumstances, limited changes may be made through a supplementary document known as a codicil. However, depending on the complexity of the proposed changes, preparing a new Will is often preferable in order to reduce confusion and minimize the risk of future disputes or interpretation issues.
A properly updated estate plan can help ensure that your wishes continue to be carried out clearly and effectively, while also minimizing uncertainty, delay, and potential family conflict after death.
If you would like assistance updating your Will or reviewing your Estate Plan, please book your FREE CONSULT with Tonelli Estate Law today.
***This article is for general informational purposes only and does not constitute legal advice***
