3 Signs Your Will or Estate Plan Is Outdated (and What You Can Do About It)

These events trigger a review of your will and estate plan. Consider the consequences of these developments which can affect your will and estate plan.

1. A change in your relationships

This could be due to estrangement, disability, changes in health or someone disclosing an addiction. It can also include factors such as a birth or death of persons named in the will including your executors, separation, divorce or persons relocating out of your jurisdiction. Remember, in Canada, you can have more than one spouse. You could be married, separated and or in a common-law relationship and have new legal obligations.

2. A substantial change in your net worth

This could be due to a retirement, job loss or a change in market conditions. Perhaps you started a business, purchased foreign assets or received an inheritance. Did anyone win the lottery?

3. Changes in the law or tax rules

Consider tax savings or changes in the law that came into effect since your documents were signed. This does not include changes because your children are no longer minors. If you start a business of any kind, you require an estate review and perhaps a purchase of life insurance to protect creditors and young family members. If you moved to another province, have your wills examined by a local estate lawyer to ensure your estate plan and will not create stress for your executors and beneficiaries. For example, you have a Québec will but have relocated to British Columbia. Having an up-to-date will can reduce your stress and lower administration costs.

What can you do about these three signs?

Remember that not every lawyer can advise you about estate planning and provide legal advice about wills.

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Do you have questions about making your will? I have helped clients since 1978 plan their estates to protect their loved ones. I wrote the book called, Estate to the Heart: How to Plan Wills and Estates for Your Loved Ones. Contact my office today.

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