When to update your will, or get a whole new one

I'm frequently asked how often people should review their wills. I usually answer that every three to five years works for most people, as this will cover off major life changes such as the birth of children or grandchildren, changes in your financial status, changes to the law, retirement, and many others.

However, I'm pretty sure that nobody is taking my advice. I am routinely faced with customers whose wills are anywhere from 25 to 50 years old. At least most of them realize that the wills are hopelessly out of date and are sitting in my office because they know full well they have needed an update for a long time! Thank goodness they are taking care of this now while they still can.

I'm attaching an article from Morningstar.ca which talks in more detail about when individuals should review and possibly update their wills. Click here to read it. It's pretty thorough, and most likely mentions things that you haven't even thought of as reasons to update your will.