When Should I Review My Will?
If you have an existing Will, that’s a great start. However, as your life changes, so will your estate planning needs. Here are a few of the triggers that should get you thinking about re-doing your Will:
- If you marry or start a family, you’ll want an estate plan that ensures your loved ones are taken care of after you are gone. An event like a marriage is a great time to re-visit an old Will;
- If you get divorced you should also re-visit your Will to ensure that it meets your current needs. A divorce is a major life event and a great time to update your estate planning;
- As your net worth increases, proper estate planning becomes vital. You will need to address tax issues and discuss with your lawyer and accountant the best way to minimize the probate fees and taxes payable, in order to maximize your beneficiary’s inheritance;
- As you expand your family, a Will is vital to address guardianship and trust funds for your minor children;
- If you have adult children who are still dependent on you, you can make sure they have financial support for the rest of their lives by setting up a Trust;
- If you’re thinking of leaving a spouse (including a common law spouse) or child out of your Will, or giving them less than they might reasonably expect, they can make a claim which may result in the Court changing your Will to give your spouse or child(ren) a greater share of your Estate. Be sure to consult with a lawyer on this who will be able to discuss your options with you and create an estate plan designed to minimize these claims.
Reviewing and updating your Will gives you peace of mind that you have cared for your loved ones in the very best way you can!
This is provided as information ONLY; it should NOT be construed as legal advice. You should consult with a lawyer to provide you with specific advice for your own situation. For more information on estate planning and to discuss your specific circumstances, please contact Vanessa DeDominicis on 250-869-1140 or
firstname.lastname@example.org. Vanessa practices in the area of Wills and Estates at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you.