When Should I Update My Will?

Though we all know that as responsible adults it is imperative to have an estate plan in place, it is something we tend to put on the back burner, with optimistic thoughts of longevity. We should all also know by now that the unplanned and the “Unexpected Happens”.

That being the case, if you don’t have an estate plan in place – stop procrastinating!

If you do have an estate plan in place, consider its current relevance:

• Has your marital status changed since you wrote your Will? If you have married since you last signed your Will, it has likely become invalid unless a specific clause about your contemplation of marriage has been included in your Will. If you have entered into a common law relationship or become divorced, your Will may have result in unintended distributions of your estate.
• Has your family grown? Do you wish to include the new additions to your family as beneficiaries in your Will? Education trusts for your grandchildren?
• Do your chosen Executors or Guardians remain willing and able to act in those roles? Are they still the people you want to have named in those roles?
• Have any of your beneficiaries suffered accidents or illnesses that may render them unable to manage the financial gifts you have made to them? Have you considered using trusts to ensure that your intentions are carried out as you had planned?
• Have there been significant changes to your assets or liabilities since you last signed your Will?
• Do your wishes remain the same as at the time you wrote your Will?

We are here to ensure that your estate plan remains relevant and valid. If you are not sure, please feel free to make an appointment for a free initial consultation and we would be pleased to review your current documents to ensure they meet your needs.

You can call (604) 980-8571 and ask for Doug Crawford or Elizabeth Mah.