Is Your Last Will Up to Date?
Out-of-date last wills can cause trouble for those you leave behind. I’ll give you some examples so you can avoid costly mistakes.
Your will could be out of date for these reasons:
- Did your will refer to gifts of specific property?
What if you left this property to someone who is now separated from you or has died? Does your will name an alternate beneficiary of the property?
- Should you sell or transfer property?
This could save provincial estate administration tax EAT (formerly probate taxes). If prices have fallen, it may be to your advantage to transfer a second property to reduce federal income taxes that must be paid by your estate.
- Did you omit your children from your first marriage or your new common-law partner?
- Have charities in your will closed, amalgamated or changed their legal names?
Make sure that your last wishes are followed. Use the correct name for your charity. This avoids a potential legal battle over who inherits.
If there has been a change in your assets or relationships, you need to update your will. You may want to include someone you may have previously cut out or disinherited.
Perhaps you left your original documents with a law firm or a lawyer that is no longer in business. Locate your originals now and tell everyone where they are stored.
November Is Make a Will Month
Many organizations raise awareness of the importance of having a will during November.
What if you have never made a last will or power of attorney?
Now may be the time, after the pandemic, to consider creating or updating your estate planning documents.
I offer an initial estate planning meeting for $375. During this 45-minute meeting, I can help you:
- choose the best executor or attorney for your needs
- understand your duties toward beneficiaries
- explain simple ways to reduce taxes
I have limited availability for meetings during December 2022.
But I will still offer this initial estate planning meeting – at the $375 price early in 2023.
Book your appointment now for January and early February 2023.
Contact my office to confirm your appointment now.Posted In: Estates, Wills On: November 30th, 2022