When Should I Update My Will?

Estate planning is one of the most important things you can do, and many people spend considerable time, effort and money in having it done. However, things do change, so when does it become necessary (or at least, strongly advised) to revisit your will?

Below we list three common scenarios where it becomes important to reassess your estate plan and decide if changes need to be made.

1.    You have been through a separation.

People commonly name their spouse as executors and beneficiaries in their wills. However, if you have separated from your spouse, what happens? In Ontario, under the Succession Law Reform Act, the separated spouse will be treated as though they have pre-deceased the testator meaning they would not receive any share of the estate. However, it does not apply to any gifts left to the separated spouse’s family members. Thus, it is likely a good idea to revisit the will anyway and ensure that any gifts or shares are being directed as you would like for them to be.

2.    Your finances have changed.

There are different tax consequences, and financial considerations that must be taken into consideration when doing estate planning. If your finances change, so might your entitlements, and priorities. If new assets have been acquired, or you have recently downsized, it may be a good idea to revisit your will and make adjustments accordingly.

3.    Your family situation has changed

With the addition of children, grandchildren or a new partner, your will should be reviewed to ensure that your assets have been appropriately distributed as you wish. The same applies if one of your beneficiaries or executors has passed away, is unable to take on the job anymore, or is no longer in your life.

This is certainly not an exhaustive list of scenarios where it is a good idea to review your will, however, they are some of the most common situations people may encounter that should trigger a review of their estate planning documents. It is always a good idea to periodically review your will with a lawyer to ensure that it still meets your needs and complies with the law.

If you would like to discuss Updating Your Will or any other estate related matter in Ontario, please reach out to us at McDonald, Simon, Stewart and Reidy LLP. Our team is here to provide expert legal guidance and help you understand your rights and obligations. Don’t hesitate to contact us for a consultation - we’re ready to assist you!

Please reach out to us at info@mcdonaldsimon.com or call us at 519-273-2734.

Disclaimer: This blog should not be construed as legal advice. Each individual circumstance has nuances that need to be considered by a licensed legal professional and there is no one-size-fits-all answer in the law. If you require legal advice, please contact someone who is licensed with the Law Society of Ontario and is properly insured to provide legal services or practice law.