Your will and accompanying estate planning documents are vital to ensure your wishes are carried out after you have passed. However, life can throw curveballs and significant events may happen, which can result in your existing will not reflecting your current circumstances. While there is no set timeline for updating your estate plan, conducting regular reviews of these documents is important. There are also key events that can signal that it is time for an update.
This blog post will explore common scenarios that call for a will update. It will also discuss the importance of keeping your will current and offer tips for navigating the process.
Major Life Changes and Your Estate Plan
Some key life events can trigger a revision of your estate plan or may necessitate an update, such as:
Marriage, Separation and Divorce
While a marriage, separation or divorce does not automatically revoke a prior will, it is important to revise your existing will and estate planning documents following a significant life event. Section 17(1) of the Succession Law Reform Act provides that a will is not revoked by presumption of an intention to revoke it on the ground of a change in circumstances. However, you may wish to reconsider your beneficiaries and ensure that certain people are (or are not) included.
If you do not prepare a new will after a divorce, your existing one will be read as though your ex-spouse died immediately prior to your death. Moreover, the Succession Law Reform Act provides that separated spouses lose appointments and entitlements under a will when a marriage is terminated. The legislation also provides guidance on when spouses are considered separated.
Significant Property Acquisition
If you receive a large inheritance, suddenly come into a large sum of money, or acquire substantial assets or businesses, it is important to consider whether a substantial change in your financial situation requires a revision to your estate plan. You may want to rethink your current wishes, such as how you want to divide your estate and exploring tax saving advantages.
Purchasing Property Outside of Canada
Different laws may apply if you plan to purchase property outside of your home province or the country. Therefore, it is important to speak with a wills and estate planning lawyer to help you determine whether you require a separate will addressing property held in the applicable jurisdiction to ensure a smooth transition to your intended beneficiary.
Birth or Adoption of Children
If you are planning to expand your family, it is important to consider who you would like to take guardianship of your child in the event that you pass away while they are still a minor. Your will can outline provisions relating to guardianship of your child or children and such changes can be drafted in a way that contemplates the possibility of future children as well.
Health Issues
If you have been diagnosed with a serious illness or disability, it is generally a good time to review your estate plan to ensure your wishes are up-to-date while you still have the testamentary capacity (the ability to understand the importance of your property and decisions relating to it) to do so. It is also important to think about appointing a Power of Attorney for Property, pursuant to the Substitute Decisions Act who can manage your financial affairs if you become incapacitated and cannot do so yourself.
Beyond your own life, there are additional events that may trigger an estate plan revision, such as:
- The death of an executor or beneficiary,
- Conflict between loved ones,
- A beneficiary develops an addiction or disability,
- Your child or children become adults,
- Your child gets married, or
- You become a grandparent.
The Process of Updating Your Will
Once your will, or other estate planning document, has been signed and witnessed, making changes to it requires more than simply writing on it or adding in your own changes. Instead, with assistance from your estate planning lawyer, you may either make a codicil or prepare an entirely new will. A codicil is a separate document that is prepared similarly to a will, and is signed, witnessed, and attached to your existing will. These are generally appropriate when a will requires a small change or two, such as changing the amount of money a specific beneficiary will receive. If your will requires several substantial changes, a new will may need to be drafted.
Final Thoughts on Updating Your Estate Plan
In Ontario, creating a will provides peace of mind, knowing your assets will be distributed according to your wishes after your passing. However, what seemed perfect at one point in your life might not reflect your current desires. This is where the importance of reviewing and updating your will and other estate planning documents comes in. It is important to be mindful of the primary events that trigger a will review and to conduct regular reviews to ensure you remain on top of any necessary changes.
If you have questions about preparing, or updating your estate plan, it is important to contact a skilled estate lawyer who can provide personalized advice to ensure that your wishes are accurately captured. They will also help you draft a will that complies with all the necessary formalities to be considered valid.
Contact Bader Law to Make Updates to Your Estate Plan
Preparing an estate plan may seem overwhelming, but by working with a skilled estate planning lawyer, you can rest assured that your final wishes are captured and are legally enforceable. At Bader Law, our trusted team of estate planning lawyers, based in Mississauga and Oakville, work with clients throughout Ontario to develop tailored and comprehensive estate planning solutions. Whether you have questions about a codicil, or want to completely revamp your estate plan, contact us online or by phone at (289) 652-9092 to learn how we can assist you.