Life changes can happen at any time, and while some may have no direct impact on your estate plan, others can have a profound impact. That’s why revisiting your will periodically, or after a significant life event, is always sensible; fail to do so, and your wishes may not be reflected as accurately as you would want.
Reviewing your will and estate plan—when should it be done?
Reviewing your will and any documents pertaining to estate planning is best done on an annual basis and certainly after any life event that may impact your existing wishes. Estate planning laws can change at any time, and by sitting down with an estate lawyer, you can make sure that everything is documented according to your wishes and current laws.
Should you anticipate that a significant life event might occur in the near future, even if it hasn’t yet happened, reviewing your will and estate plan promptly is also a good idea.
Here are some common examples of life events that typically warrant such a review:
New family members
If you’ve just become a parent, it’s important to plan for your child’s care should anything happen to you.
If you’ve recently become a grandparent, you may wish to include provisions for your grandchildren in your will and estate plan.
Changes to personal circumstances
Marriage, for example—whether it’s involving yourself or your child—might prompt you to rethink your will, as might entering into a common-law partnership.
Changes to financial circumstances
Perhaps you’ve recently been promoted at work or have inherited a significant sum of money; changes as big as this to your financial circumstances might warrant changes to your estate plan
Changes of heart
Just because you wanted a particular beneficiary to receive your assets when you wrote your will doesn’t mean that your feelings can’t change later down the line.
Divorce or separation
It may be that when you divorce or separate from a partner, any provisions referring to your ex are revoked. But whether this happens or not (a wills and estate lawyer can tell you), it’s still best to revisit your will to check that your assets will be distributed as you wish.
Sickness
Depending on the severity of your condition, you may wish to consult with an estate lawyer to make sure that you have all the necessary documentation, such as a power of attorney should you become incapacitated.
Changes to beneficiaries or executors
Should a beneficiary or executor of your will experience a significant life event, such as illness, divorce, or even death, this could impact your will and should prompt an immediate review.
How often can you update your will?
There is no limit to the number of times a will can be reviewed and updated, but every time a change takes place, it’s essential that the person the will belongs to knows the change is being made and understands it and its consequences fully, something that is known as ‘testamentary capacity.’
That said, timely revisions and updates to estate plans are important, particularly when you consider how quickly incapacity can take place, and often without warning.
What are the steps you need to take to update your will?
There are two methods of amending a will in Canada, and this is by way of a codicil or a newly drafted will. As both methods have entirely different requirements, it’s best to consult with experienced estate lawyers in Edmonton.
You may not relish the thought of planning for the future in such a way, but only by keeping your will up-to-date can you ever be sure that your wishes will be followed in the event of your death. If your will hasn’t been updated in more than a year, it might be worth reviewing it with an estate lawyer, if only for peace of mind.
