If you’ve already created a will, great! You’ve taken an important step to protect your estate and your loved ones in the event of your passing. But what if you’ve created a will, and your circumstances have since changed?
It’s always worth reviewing a will from time to time to make sure that everything is still as you had wished when it was created. It’s also worth making sure that your will executor is still comfortable with their appointed role and is still the most appropriate person to carry it out. Additionally, if any of the following 5 scenarios have or are about to take place, then updating your existing will may be warranted:
1. Changes within the family
Marriages, divorces, falling-outs, births, and deaths within the family could all warrant some changes being made to your will. While some changes will have no effect on your will (or none that you can foresee anyway), others may have serious consequences that could mean your estate doesn’t get distributed as you would have wished.
Help from a wills and estate lawyer is recommended should you have any doubts.
2. Changes to your financial situation
If your financial situation has changed significantly since you created your existing will—maybe you’ve acquired some new assets, lost some money, started a business, or made some new investments—it might be a good idea to update your will. Such changes can affect various aspects, potentially impacting details like the scope of an executor’s authority or even requiring a more complex structure like a dual will. Guidance from a local lawyer specializing in wills and estates can help you make sense of it all. This review could even reveal opportunities for tax savings.
If your will doesn’t accurately reflect your financial status as it stands today, those left behind when you die may face a complex situation that could spark disputes.
3. Changes to executor or guardian preferences
The role of an executor is crucial for any will, as is the role of a guardian if young children are involved. But just because you’ve already selected an executor or guardian, it’s still possible that you might find someone more suitable for the role at a later date. And if you do, without the necessary changes being made to your will, it becomes challenging to deal with for everyone involved.
It may also be that your chosen executor or guardian is no longer willing or able to fulfill the role, in which case changes to the will must be made as soon as possible.
4. Changes to your address
There are different laws and regulations surrounding wills and estates in each province of Canada. Should you be planning to relocate to a different province or move out of the country altogether, your will should definitely be reviewed by a lawyer, who can help ensure that it remains valid and 100% enforceable.
5. Changes to tax or estate planning laws
Lastly, Canadian rules and regulations regarding taxes, estate planning, and will probate in Alberta can change, and it is wise to have a professional review your will periodically to check for any changes that could negatively impact your will.
Even if you’re not sure whether your new circumstances have an impact on your will, it doesn’t hurt to have it reviewed by a wills and estate lawyer periodically, even just to err on the side of caution.
