Having a legal will in place is the easiest and most effective way to ensure that your property and possessions are distributed according to your wishes. However, a recent survey focusing on estate planning conducted by BMO shows that almost half of all Canadians do not currently have a will in place! Even if you do currently have a legal will, it’s a good idea to review and update your estate plan from time to time. As we all know, life often brings both expected and unexpected changes and your will may also need to reflect any of these changes that may occur. In case you’re on the fence as to whether your current will should be reviewed or not…here are a few times when it makes good sense to review your will and make any modifications that are necessary.
- A Change in Family Dynamics
As time passes, family dynamics and structures often change. The birth of a grandchild, for example, or a child or grandchild reaching the age of majority may mean that the plans for your estate will change. When this happens, it’s important to take a moment to review your will.
A marriage or divorce is also reason to make it a priority to review your legal will. It’s important to know that, according to Ontario law, if you marry or remarry after making a will, that marriage automatically makes that will void.
The dissolution of a marriage also affects estate planning. Divorcing your spouse will mean that all the items left to your previous spouse are revoked. It also means that their appointment as executor of your will is revoked as well.
Finally, the passing of a spouse, family member or anyone else you had planned to leave assets to is also cause to take a look at your current will and update as necessary.
- A Change of Heart
Just as family dynamics and structures change, relationships between family members and friends also shift and change with the passage of time. If you haven’t updated your will since you first made it twenty-five years ago, it’s likely that there may be new people, such as new friends, or possibly new grandchildren, that you may want to include in your will and some people you wish to remove, such as your cousin Larry who you are no longer close with.
- A Change in Financial Circumstances
Finally, a change in financial circumstances is another really good reason to take another look at your legal will and make any changes necessary. Perhaps you have recently come into some money through an inheritance or successful business venture. If this is the case, you definitely want to make sure that you include this asset in your will and specify where you would like to see this money go if something were to happen. If you’ve started a new business since you created or last updated your will, it’s also important to make sure that this is reflected and accounted for in your legal will.
Whether you’ve had major life changes or not, it’s a good rule of thumb to do a quick review of your will every three to five years in order to make sure it accurately reflects your current situation, as well as your wishes for your estate. For help with estate planning and wills, give Bernie Keating a call at 705-645-8743 for a quick consultation or if there are any questions you might have in regards to your will or estate. He and the Ares Law team specialize in helping individuals in Bracebridge and the Muskoka region with estate planning while also ensuring their will is up to date and an accurate reflection of their wishes.
