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.
This video is provided by RBC Wealth Management for informational purposes only. The comments contained in this video are general in nature, and do not constitute legal, investment, trust, estate, accounting or tax advice. RBC Dominion Securities Inc.*, Royal Trust Corporation of Canada, The Royal Trust Company, RBC PH&N Investment Counsel Inc., RBC Wealth Management Financial Services Inc. are affiliated corporate entities and member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. *Member – Canadian Investor Protection Fund. Please visit www.rbc.com/legal/ for further information on the entities that are member companies of RBC Wealth Management. ®/TM Trademark(s) of Royal Bank of Canada. Used under license. © 2020 Royal Bank of Canada. All rights reserved.