Do you have a legal will in place? If you don’t, you’re certainly not the only one. In fact, a recent BMO (Bank of Montreal) study shows that almost half of all Canadians do not currently have a will in place. Despite this fact, a will really is the best way to ensure that your property and possessions are distributed according to your personal wishes.
If you have a will, it’s important to make sure that you review it from time to time to confirm that it accurately reflects your current circumstances. After all, life is all about change and some of these changes, such as a shift in family dynamics, may necessitate the need to update your current will.
Here are three key life changes that indicate it’s a good idea to take another look at your will and think about your estate plan:
Family Changes
Whether it’s a marriage, a birth or a divorce, reviewing your will is always a is necessary when there is a change or shift in family dynamics. You may not be aware, for example, that if you marry or remarry after creating your will, your existing will is no longer valid. Similarly, getting divorced from your spouse also means that the previous will you created no longer applies. Further, if you’re separated but not legally divorced, the will that you have in place is still legally binding unless you’ve made updates to it – meaning your estranged spouse may still be your beneficiary.
Changing Friendships & Relationships
A change in a relationship is another situation in which you may want to review and rethink your current will. Life happens, and so do arguments, disagreements or simply a loss of contact that may make you reconsider the people you would like to leave your property and possessions to. Relationships also change and shift over time. For example, a cousin that you were once close to may no longer be someone that you feel close enough to add to your will. This also applies to anyone whom you have named as the executor of your estate.
Financial Changes
Finally, a change in financial circumstances is another occasion when it makes sense to take another peek at your will, particularly if you have come into quite a bit of money recently through an inheritance or through your business. If your business is a new business that you have recently started, it’s also important to ensure that this business is incorporated into your last will and testament.
Even if you have not experienced a change in relationships, finances or family dynamics, it’s important to rethink and review your will every three to five years to make sure it accurately reflects your wishes and current situation. If it’s time to take a look at your will, our Parry Sound legal team specializes in estate planning and wills and can help you ensure that your will is correct and up-to-date; you deserve the peace of mind knowing your assets are carefully protected. Give the Ares Law team a call at 1-705-746-6444.
