Did you know a Will is considered a ‘living document’? This means as your life changes so should your Will. If you haven’t reviewed your will or estate plan recently, here are 4 reasons why it might be time for an update!
1. Your Marital Status has changed.
If you’ve married or divorced since your Will was written, you need to update it!
Settling an estate can be messy for those you leave behind. In the case of a divorce, you most likely don’t want a former or separated spouse to act as your Executor or benefit from your estate. To avoid problems, make sure you have a clear plan in place regarding any partner who is no longer part of your life.
If you’ve married or are now living common law you will also want to update your Will to include your new spouse or partner in your estate plan.
2. You’ve had a child.
Congratulations on your new family member! A new baby is a busy and exciting time. It’s also an important time to make, or update, your Will. You’ll want to appoint a guardian, or review whether your currently named guardian is still the right choice for your new family circumstances.
Most estates are divided equally amongst your children. If you have a special needs child you will want to discuss with your lawyer considerations that should be put in place regarding their ongoing care or access to government benefits.
3. The Marital Status of Your Children Has Changed.
You may not want your daughter’s new husband to have access to any part of your estate. Or, perhaps you’d like to make your son’s new partner the executor of your estate. Whatever you feel about your children’s spouses, an updated Will and Estate Plan ensures your wishes are met upon your passing.
4. Your Choice of Executor, Guardian, Trustee, or Beneficiaries Has Changed.
It’s a good idea to review your Will and Estate Plan documents annually. It’s possible that you may have changed your mind about significant people named in your Will. If you decide to make any changes, it’s time for a revision to your Will.
Here are a few other reasons why you may need to update your will.
Your spouse has passed away.
Your financial status has changed significantly.
You wish to leave, or eliminate, gifts to specific beneficiaries.
You’ve been diagnosed with a life-threatening illness.
SUMMIT LEGAL GROUP can give you advice on all aspects of Estate Law. Download our free Estate Planning Guide.
To make an appointment, or for general enquiries, contact us by phone at 587-356-0356, or email firstname.lastname@example.org.