13 Oct When Should I Update My Will?
Your Will and estate planning should be reviewed regularly. Your circumstances or the law may change, or you may change your mind with respect to your prior decisions. It is recommended that you review your planning at regular intervals and also whenever there are significant changes in your personal or financial affairs. As a general rule, you should also review your Will in the following circumstances:
- An executor dies or becomes unsuitable to act due to age or ill-health.
- A beneficiary dies, becomes mentally incapable or begins receiving government assistance.
- There are births or adoptions in the family (if beneficiaries are named specifically).
- You have specifically gifted identifiable property which you no longer own.
- Your marital status or the marital status of a beneficiary changes.
- Your assets alter considerably in nature or value.
- You move outside the Province of Ontario or your citizenship changes.
- You enter into an agreement that may impact your legal right to deal with a specific asset.
- You start a business or acquire foreign assets.
Be aware that the law is specific regarding formalities of signing a new Will or codicil, you should do so only upon obtaining professional legal advice.
By the way, if you don’t have a Will and Powers of Attorney, please contact me and I’d be happy to explain the process and make it as stress free as possible. Contact us.