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Tuesday, July 3, 2012

When should I update my will?

A will is something that, once signed, gets put away and not thought about again for many years. Wills don't expire so there is no built-in deadline for renewing them. But we should review and update our wills from time to time. The question is - when? How do we know that it's time to dust off the old wills and check them over?

For those of you (you know who you are) who did your wills so long ago that now you can no longer remember where the wills are or which lawyer drafted them or even what the will says, the answer is that you must get new wills now. If your will can't be found, in effect you have no will.

For the rest of us, a will should be reviewed after important life events take place. Obviously this looks a bit different for everyone in terms of how many years are involved, but the life events are shared by all. They are:
  • you get married or divorced
  • you are widowed
  • you have your first child
  • your children all reach the age of majority
  • you retire
Other things going on in your life that should spur you to re-visit your will are:
  • you own a business and are thinking about retiring or selling
  • you buy a vacation property in another country
  • one of your children has an addiction, bankruptcy or other problem that interferes with handling money
  • you have become estranged from one of your children
  • you want to set up charitable giving through your will
  • your spouse is experiencing early signs of dementia
  • your financial status has changed, for better or worse, since you made your will
  • you have moved to a different province or country
Finally, there are events related to the will itself that require you to make some changes:
  • the person named as executor has died, lost mental capacity or moved far away
  • one or more of the beneficiaries has died
  • you want to include additional beneficiaries or remove someone who is currently named as a beneficiary
  • you want to hold some beneficiaries' shares in trust
 I encourage anyone who hasn't looked at his or her will in the last five years to take it out, skim it over, and possibly sit down with an estate planner to talk about whether the will still meets your needs. Not every review results in changes being made. If your will is still suitable, you've gained peace of mind without changing your documents.

8 comments:

  1. Great post! I love your blog. You have useful lists of things to do when it comes to will. Very informative! Thanks a lot.

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  2. How often can I legally change my will in Ontario? Do I or my executors have to prove or exlain if they were done closely in terms of date?

    ReplyDelete
    Replies
    1. You can change your will as often as you like, as long as you have mental capacity to do so. I don't really understand the second part of your question.

      Lynne

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    2. Even a month after the first one? Thanks so much for your help!

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    3. Yes, you can change your will a month later. However, think about the impression you're leaving if you change your mind constantly. Since I don't know the details of what kinds of changes you want to make, I'm not sure what you're trying to achieve with multiple changes. If you suddenly make a will that is very different from one you had recently made, think about whether it's an odd or unexpected change (such as including a beneficiary who'd never been included before). Perhaps you should talk to a lawyer about how to support unusual changes to your will by a) the lawyer's notes and b) some commentary in your will.

      Lynne

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    4. I'll be using a different lawyer, and I have the original will (the lawyer only has a copy). I will destroy it when the newer will is signed. The newer one will be more fair to my spouse and will include my spouse in our house title. So it is an improvement which should resolve potential conflict later on. Agreed? Thank you so much.

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  3. Must updates be done in my Lawyer's office, or is there a process for updating minor changes without involving my Lawyer?

    ReplyDelete
    Replies
    1. Updates don't have to be done in the lawyer's office. You can do them yourself if you feel that it's something you can deal with on your own. Don't write on your original will or otherwise make any changes to that actual document. Since you are talking about a minor change and not a whole new will, you should prepare a codicil that confirms your will and clarifies which bit is to be amended. Remember that codicils have the same witnessing requirements as wills do.

      Lynne

      Delete

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