Situations, wealth, and relationships can change drastically over time. To account for these changes, it is important to plan for the future with a comprehensive will. In the event of an accident, your will should reflect your current wishes for the distribution of your estate to ensure that nothing is left up to interpretation. Knowing when to update your will can help you ensure that the contents are relevant to your present situation. As experts in estates and personal planning, the team at Sidhu & Associates understands the importance of keeping your will up to date. That is why we have compiled a list of the 4 most common reasons to update your will.
Read our checklist for Canadian wills.
4 Reasons to Update Your Will
As your situation changes, you need to ensure that your will reflects this. The following events and changes are great reasons to update your will:
1. The Birth of Children or Grandchildren
The birth of your first child is a common reason to create a will. This ensures that your children have a guardian in place and that they are financially provided for if something happens to you. If your family grows to include additional children or grandchildren, you will need to update your will to ensure that everyone is provided for according to your personal wishes and preferences.
2. Marriage or Divorce
It should be noted that, under current legislation, your will is revoked upon marriage. Upon getting married, a new will should be created to ensure that your estate and wishes are accurately represented. It is also important to consider the role that your spouse will play regarding the distribution of your estate. Though marriage automatically revokes your will, divorce does not. Upon separating from your spouse, you should ensure that your will is updated to prevent your former spouse from retaining their status as beneficiary or executor.
3. Changing Relationships and Wishes
Relationships will change and transform over time as some become better while others become worse. A regular review of your will is important for confirming that you are distributing your wealth in a manner that reflects your current relationships and wishes. If your relationship with your executor has become damaged or they have moved far away, this role should be updated as well.
4. A Death in the Family
The death of your spouse, child, grandchild, or any named beneficiary is a difficult and draining time for anyone. In addition to the emotional and mental toll, this death will likely require changes to your will. This is especially true if the deceased was your primary executor or if they were a major beneficiary.
To learn more about wills, estates, and personal planning, get in touch with the experts at Sidhu & Associates. We can be reached through our online contact form and will be happy to answer any questions you may have.