Beyond specific life events, it’s generally a good idea to review your Will every three to five years.
Note: This is not an exhaustive list. If you answer “yes” to any of the following questions, you should review your Will with your legal advisor to determine if changes are necessary.
- Since your Will was created, have you been married, divorced, separated, or have you started a relationship with a new partner?
- Has a spouse or significant beneficiary died since your last Will was created?
- Have you had any additions to the family, such as a child or grandchild, since your last Will?
- Changes to your financial position at any life stage should be a trigger for reviewing plans. Has your net worth significantly increased (e.g. with an inheritance) or decreased (e.g. because of bankruptcy) since you prepared your last Will?
- Have you or a beneficiary moved to a different province or territory or country since you prepared your last Will?
- Have you acquired significant new assets, such as a cottage, business or farm, since you prepared your last Will?
- Are your chosen executors or trustees still appropriate?
- Are your named guardians for your minor children still appropriate?
- Do you wish to add or remove any beneficiaries?
- Do you wish to change the terms of distribution to any of the beneficiaries?
- Have there been any changes to relevant legislation since your Will was created (e.g. changes to the Income Tax Act or provincial or territorial family law legislation)?