Times are a ‘changing: When you should update your Will
Author: Jelena Glavinic
Unlike your phone, your Will isn’t set up for automatic updates. Life’s millstones, whether big or small, may impact your wishes or how your assets are handled. Ensuring your Will is updated in response, is therefore extremely important. Failing to do so when these milestones occur, may mean your Will isn’t truly reflective of your current wishes or estate’s needs.
The three R’s of Will updates
The following outlines important circumstances in which you should consider reviewing and update your Will.
Relationships– the birth or adoption of a child, the start or end of a relationship, the death of a beneficiary named in your current Will, or the death or incapacity of an executor named in your current Will may lead to clauses or substantial provisions in your Will to fail or no longer reflect your wishes.
Running a business – starting or dissolving a business, partnership or company, or changes in investments may impact your asset holding which may need to be reflected in your Will.
Reconsideration – deciding to gift a different amount or asset to a beneficiary or excluding them altogether, or perhaps your intended beneficiary needs additional protection through specific mechanisms established in your Will such as testamentary trusts or rights of residence will require updates to your Will.
Changes to your circumstances or wishes can have significant consequences on your estate plans and your needs for your Will. A Will should not be static and should evolve with you and your circumstances. We recommend reviewing your Will every 2-3 years or after significant life changes so you can be confident that your wishes are accurately reflected.
Contact our Wills & Estates team to discuss your situation or to book an appointment.
Disclaimer
This article provides general information only and should not be considered legal advice. You should obtain independent legal advice before acting on any information contained in this article.
