There are many reasons that you should consider updating your Will, one of the simplest reasons is that having your affairs in order and having an updated Will can make things easier and more stress free for your family members who may have to administer your estate.
A good habit is to review your Will on a regular basis to ensure it reflects the way you would like your property distributed. Often the start of a year is a good time to review your Will, otherwise we suggest that your Will be reviewed after major life changes. It is not uncommon for someone to update their Wills at least 2 or 3 times in the course of their life.
Some major life changes over 2018 that may warrant a second a look at your Will could include:
- Newborn children come into the family;
- Acquire substantial assets, like a new home, RRSPs, TFSAs;
- Marriage or Divorce in the family;
- Children leaving the nest;
- Death of a family member; or
- A move out of the province.
Commonly overlooked and of equal importance is the status of your Personal Representative (also known as the Executor). When a Will has been in place for a long period of time an appointed Personal Representative may have passed, moved away, or sometimes that relationship has simply dissolved.
HOW DO YOU UPDATE YOUR WILL?
The best approach will depend on the specific circumstances of your situation, however best practice is not make these changes on your own by crossing out words or sections in your original Will as this can cause confusion and lead to drawn-out conflicts over your Will. If you already have a Will in place, making changes with your Lawyer is affordable and will protect and divide your assets clearly.
For assistance with your Will changes or questions to get started on some new Estate Planning we welcome you to contact our office at 780-469-0494 or email us directly at firstname.lastname@example.org.