Is it time to update my will? Is there a way to update my estate plan?

Last Updated on October 9, 2024 by Shayna Beeksma

Disclaimer: This article discusses estate planning.  It is intended for the purposes of providing information only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.

You sat down, put together a will (either with a lawyer or using a kit) and now you’re done. 

Right? 

Or do you need to update your will and other documents to reflect significant changes in your life? When should you consider updating your will and when should you have a new one drafted? And do you need any other documents to complete your estate planning?

Do you have a full estate plan? 

Many people think they only need a will; however, you need both a will and powers of attorney.

Powers of attorney ensure that your wishes are carried out if you are incapacitated and unable to make those decisions for yourself. There are two types of power of attorney documents that you will want to have prepared: a Power of Attorney for Personal Care and a Power of Attorney for Finances. 

If you want to learn more about the types of powers of attorney and when they are used, you can learn more at these articles: 

• Your Powers of Attorney: Important Documents You Need in Ontario
• The real cost of not having powers of attorney in Ontario
• A Will vs. A Power of Attorney: What’s the difference?    

A will, on the other hand, only comes into effect once you pass away and cannot help if you are incapacitated but still living.  

Why is it important to update your will and estate plan?

Our lives are always changing, and if you don’t update your estate planning documents to keep up with those changes, it can create problems for your loved ones.

For example, imagine you have a new baby but forget to update your will to include them. This can cause confusion about who will take care of your child and manage their inheritance if something happens to you.

Or, think about your estate trustee—the person you chose to handle matters after you are gone. If they experience life changes and they can no longer do the job, the process will be delayed because a new person will need to be appointed. This can make things more stressful and take longer for your family to get what you left for them.

Another example is if you buy a new house or start a business and don’t update your estate plan. These new assets might not be given out the way you want, leading to disagreements among your family members.

By keeping your documents updated, you make sure that your wishes are clear, helping to avoid confusion, arguments, and delays for your loved ones.

Have you had a major life event? 

Have you had a major life event?

Certain big life events mean you should update your will. Here are some examples:

1. Getting Married or Divorced: If you get married or divorced, you might want to include or remove your spouse from your will.

2. Adoption or Birth of a Child: If you have a new baby or adopt a child, you’ll want to make sure they are included in your will for their care and inheritance.

3. Someone Passes Away: If a person named in your will dies, you need to choose new people.

4. Buying a New House or Getting Money: If you buy a new house, start a business, or receive a large amount of money, you should update your will to include these new assets.

5. Health Changes: If your health or the health of someone named in your will changes a lot, you might need to make some adjustments.

6. Changes in Relationships: If your relationship with someone named in your will changes, like falling out with a friend or reconnecting with a family member, you should update your will.

By keeping your will updated, you make sure your current wishes are known and can be followed, which helps your loved ones understand what you want.

Do you need to update your estate trustee (or executor)? 

One of the most important decisions that you will make is choosing someone to administer your estate. That person will handle many important tasks once you pass away, from applying for probate to distributing your assets to the beneficiaries. 

Therefore, it is a good idea to ask whether you need to make a new appointment. Perhaps the person that you originally had in mind no longer lives nearby or has the circumstances to shoulder this weighty responsibility. Perhaps you are no longer on good terms. Perhaps your finances have become more complicated and you want to hire a professional to handle matters.

Whatever the reason, consider whether you need to reconsider your choice. 

We have articles on this topic, which you can find here: 

• Should I appoint a trust company as my power of attorney for property or estate trustee (executor)? 
• What You Need to Know When Choosing Your Executor

Do you need to make changes now that your children are older?

As your children grow older, it’s important to update your will to match their changing needs and circumstances. You might no longer need guardianship provisions if your children are now adults. It’s a good time to adjust any trusts or financial support plans set up for them when they were younger, ensuring they have direct access to their inheritance or managing funds differently. Updating your will to reflect your children’s current situations, like their careers, education plans, or where they live, is also key.

Consider naming your adult children as executors now that they’re capable, roles that were once held by other adults. Include any new family members, such as spouses or grandchildren, so everyone is provided for as you intend. And as family relationships evolve, updating your will to reflect these changes, like adjusting inheritances or responsibilities, ensures your wishes are clear. Regular updates to your will help ensure your family is looked after according to your wishes.

Has it been more than three years? 

As a general rule, review your will every three years, even if you have not experienced any significant changes. This protects you if the law changes or there are new tax regulations. Therefore, updating your will ensures it remains compliant and takes advantage of any new opportunities or protections. Regularly reviewing your will every few years helps you make sure that it accurately reflects your current wishes and circumstances.

Is it time to update your estate plan? We are here to help you get started!

At Beeksma Law, we focus on estate law and guide families toward a legacy of peace of mind rather than stress and complexity. Whether you require a simple codicil to amend your will or a completely new one to invalidate an outdated version, we are here to assist you every step of the way.

With decades of collective experience, our team offers extensive expertise in estate litigation. This enables us to identify potential issues in your documents and craft strategic, transparent solutions that minimize confusion for your beneficiaries.

To discuss your estate plan, please reach out to our office today. We are more than happy to discuss your needs during our complimentary call.