November 10, 2023
Author: Eleanor Carlson
There may come a time when your Will no longer reflects your estate planning needs or wishes. This situation may arise due to a change in your relationships, births or deaths in the family, or changes in your assets.
Signs It’s Time for a Will Update
The list below provides a general guide to assist you in determining if a change in personal or financial circumstances might affect your Will and estate plan.
You may need to update your Will if:
- Executors: The individuals you appointed to act as your executors are no longer able or willing to act as your executors or they have moved out of Alberta or Canada.
- Residency: You move outside of Alberta.
- Guardians: The individuals you have appointed to act as guardians for your minor children or dependent adult children are no longer appropriate given their age or where they live.
- Relationships: You have a change in your relationship status. This could be a marriage or divorce or a change in your living arrangements or economic dependency with your partner.
- Minors: You become a parent, guardian, or grandparent.
- Financial dependency: Someone in your life (spouse, partner, child, or grandchild) is diagnosed with an illness or disease or suffers an injury that affects their mental or physical abilities or ability to financially care for themselves.
- Property: Your property and assets change such that how you have provided for your beneficiaries under your Will no longer makes sense. This could be due to a growth or reduction in the size of your estate, the redesignation of beneficiary-designated assets (i.e., RRSP, TFSA), or a change in the way you hold property (sole or joint ownership).
- Real Property: You acquire real property outside of Alberta.
Lost or Destroyed Will
If you lose your original Will, and it cannot be located by your Executor, there is a presumption in law that you destroyed it. If you lose or accidentally destroy your original Will, we recommend you prepare a new Will immediately.
Contact Us for Estate Planning Assistance
Please contact us if you have any questions about estate planning. To book time with any of Carbert Waite’s Estate Planning Lawyers to prepare or update your Will, or for more information on estate planning legal services, estate administration, and estate litigation please contact us online or call us at 403-263-5656.