We all know the importance of regular health check-ups, but when was the last time you took a look at your Will or estate plan?
Is it overdue for a check-up?
Most legal professionals recommend reviewing your plan every 3 to 5 years, and any time you experience a major life event, such as:
- A marriage;
- The disability of a dependent; or
- The death of a beneficiary, spouse or executor, to name a few.
For example, a common misconception is that your assets will automatically pass to your surviving spouse in the event of your death. But, if you haven’t properly documented your wishes through a valid Will or beneficiary designations, you may be considered to have died “intestate”.
This means your assets will be administered under the intestate succession legislation for the province or territory where you live.
So, it’s possible your spouse may not receive all of your estate assets—even if this was your intention.
Protect your loved ones.
Ensure you have a valid and current Will that reflects your intentions; and at the same time, ensure your Powers of Attorney are up to date.