Once a Will is drafted, it is easy to forget about.
But failing to keep your Will up to date could have serious ramifications for the distribution of your estate and can cause distress and confusion for your loved ones once you pass.
A well-drafted Will should include contingencies that make it applicable for decades,”said Keith Barron, a lawyer with Clark Woods LLP. “However, there are times when you may need to revisit the document to ensure the plans you have for after you die are still appropriate.”
While all situations are different, Barron said there are seven good reasons he sees when a person may want to update their Will.
- Divorce or separation from a spouse
- Marriage or entering a common law relationship with a new spouse
- Children reaching the age of majority
- New beneficiaries (grandchildren or charities for example) that a person may want to provide for
- Removing beneficiaries
- Changes in specific bequests or gifts
- A significant change in the assets a person owns
Barron added that a person should consider updating their Will anytime they have had a major change in their life.
“It’s good to stay on top of these things for your family’s sake,”he said. “Keeping your documents up to date will make for a smoother process for your loved ones, who will already be dealing with the emotional hardship of your passing.”
Do you need to update your will? The lawyers at Clark Woods LLP can help. Call 604-330- 1777, email info@clarkwoods.ca or visit our Contact Us to book a free consultation today.