When Should I Update My Will?

When to Update Your Will

Creating a will is a crucial step in ensuring your wishes are respected after your passing. However, life is constantly changing, and so too should your will. Here are some key times when updating your will becomes necessary.

Major Life Events

Significant life changes such as marriage, divorce, or the birth of a child warrant a review of your will. These events may introduce new heirs or change your wishes regarding existing beneficiaries. Ensuring your will reflects your current family structure helps avoid potential disputes and ensures everyone is adequately provided for.

Changes in Assets

If your financial situation has significantly changed – for example, if you’ve bought or sold substantial assets, received an inheritance, or experienced a financial windfall – it’s essential to update your will. This helps ensure that your assets are distributed according to your latest wishes and circumstances.

Relocation

Moving to a different province or country can affect the validity and enforceability of your will. Different jurisdictions have varying laws regarding wills and estates. Ensuring your will complies with the laws of your new location is crucial to ensure your wishes are honored.

Change in Relationships

Relationships evolve over time. If you’ve experienced the loss of a loved one, become estranged from a beneficiary, or wish to add a new person to your will, it’s time to make those changes. This ensures that your will accurately reflects your current relationships and intentions.

Health Concerns

A serious diagnosis or a decline in health can be a reminder to review and update your will. This ensures that your estate planning is up to date and can help reduce stress for you and your loved ones during challenging times.

Periodic Reviews

Even if no major life changes occur, it’s wise to review your will periodically, such as every three to five years. This helps to ensure that your will remains relevant and accurately reflects your current wishes and circumstances.

Ensuring Your Will is Up to Date

Updating your will doesn’t have to be a daunting task. Working with a legal professional can provide peace of mind, ensuring that your updated will is comprehensive, legally binding, and clearly articulates your current wishes.