Estate Planning

 

When your marriage breaks up you may want to change who receives your assets in the event of your untimely death. There are various issues to consider:

a.   Your Will

       Usually couples make each other the beneficiary of their Wills. When you get divorced any provisions in the Will where the former spouse is left assets or made the Executor  are revoked. Therefore, you will need to reassess the provisions in your Will. Consequently, if you are drafting a new Will after a marriage breakdown you should make sure     that any dependent children are properly provided for on your death. The Family Law court can step in and overrule your Will if you don’t. Take the opportunity to review       this Will Planning Checklist on important issues to consider when creating a Will, and complete this Personal Record Keeper to help you gather and update important  information that you can share with loved ones including your executor or executrix.

b.   RRSPs, RRIFs and Life Annuities

       With these investment structures you can (and should in most circumstances) have named beneficiaries. When your relationship breaks down you will need to look at these to determine if the beneficiaries are still appropriate in your new situation.