I’ve been writing a lot recently on keeping things up-to-date and properly planned. Here are some indicators that your estate plan might be out of date:
- You have bought something major. A house, a cottage, a fancy RV: all of these are reasons to think about updating your plan. As your assets change, so should your will.
- You have lost a close relative. If a beneficiary has died, or someone who you intended to be your executor or guardian of your children, you need to update your plan. You do not want to leave the courts guessing as to who might have been the intended replacement.
- You have married, separated or divorced. Marriage automatically revokes a will in Ontario; divorce and separation do not. Keep both of those in mind.
- You have started, purchased, or sold a business. Having a business adds another layer of complication to an estate plan. You will want to add in provisions or take them out, depending on your situation.
- You have moved to a new province or country, or bought assets there. Estates law is very location-specific. If you did your will in Quebec but you now live in Ontario, it is time to have it looked at. Same goes for a proposed executor or guardian moving away.
An estate plan shouldn’t be set in stone. When it’s time, update it.