When Should I Update My Will?

Life is a journey filled with significant milestones and transitions, each shaping our circumstances and priorities. One crucial aspect that often gets overlooked amidst life's changes is the need to update our Will and estate planning documents. From marriage and the birth of children to changes in financial status and health, there are key life moments that warrant a review of our Will to ensure that our wishes are accurately reflected. In this blog, we will explore the pivotal moments in life when updating your Will becomes essential to safeguard your legacy and protect your loved ones. 

1. Marriage or Divorce: When you get married or divorced, it is crucial to update your Will to reflect your new marital status and beneficiaries. 
 
2. Birth or Adoption of Children: The birth or adoption of children is a significant life event that may require changes to your Will to include provisions for your children. 
 
3. Changes in Financial Situation: If there are significant changes in your financial situation, such as acquiring new assets or investments, it is important to update your Will to ensure that your assets are distributed according to your wishes. 
 
4. Relocation to a Different Province or Country: If you move to a different province or country, it is essential to review your Will to ensure that it complies with the laws of your new location. 
 
5. Changes in Health or Disability: If you experience changes in your health or become disabled, you may need to update your Will in consideration of these life events. 
 
6. Death of a Beneficiary or Executor: If a beneficiary or executor named in your Will passes away, it is important to update your Will to appoint new beneficiaries or executors. 
 
7. Changes in Tax Laws: Changes in tax laws may impact your estate planning strategies, so it is advisable to review your Will periodically to ensure that it is tax-efficient. 
 
In conclusion, updating your Will and estate planning documents throughout your life is essential to ensure that your wishes are accurately reflected and that your assets are distributed according to your wishes.  Consulting with an estate planning attorney to review and update your Will periodically can provide peace of mind and ensure that your wishes are carried out as intended! 

This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.