Creating a will is an essential step in ensuring that your assets are distributed according to your wishes after your passing. However, a will is not a one-time task; it needs to be updated periodically. Life changes, relationships evolve, and new assets are acquired, all of which make it necessary to revisit and update your will.
Understanding when and why you should update your will is crucial to making sure your estate is handled smoothly and according to your desires.
Whether you are adding a new family member, buying property, or experiencing a major life event, an update will help protect your loved ones and ensure that your wishes are honoured.
In this article, we’ll explore the reasons why it’s necessary to update your will with the help of an experienced will and estate lawyer in Edmonton, and how to approach the process.
Why You Need to Keep Your Will Updated
A will is an essential legal document that guides the distribution of your assets upon your death. However, life is unpredictable, and circumstances can change in ways that you can’t foresee.
Keeping your will updated ensures it aligns with your current situation and prevents any confusion or legal issues after your passing.
Life Changes Require Will Updates
One of the most common reasons for updating a will is a significant life change. Whether it’s a marriage, divorce, the birth of a child, or the death of a loved one, these events can drastically affect your estate plan.
For example, if you get married, you might want to include your spouse as a beneficiary. Similarly, after a divorce, you may need to remove your ex-spouse from your will and update beneficiary designations.
Changes In Assets Or Property
As you acquire new assets, such as a home, investments, or a business, it’s important to update your will to reflect these changes. Without updating your will, these assets may not be distributed as you intend.
If you purchase a significant asset, like real estate, you need to specify how it should be handled in your estate plan. A “will lawyer in Edmonton” can help ensure that your assets are properly accounted for.
Changes In Beneficiaries
It’s possible that your relationships with beneficiaries can change over time. Sometimes, family dynamics shift, and you may want to update your will to reflect these changes.
For instance, if a child reaches adulthood, you might want to update their inheritance. Alternatively, you may wish to add a new beneficiary, like a grandchild, or remove one due to estranged relationships.
When Should You Update Your Will?
While a will doesn’t expire, it’s crucial to review it periodically to ensure it still meets your needs. There are specific times when you should strongly consider making updates.
After Major Life Events
Life events such as marriage, divorce, the birth of a child, or the death of a loved one often necessitate an update to your will. These events can alter your priorities and affect the way you want your assets distributed. For example:
- Marriage: When you get married, you will likely want to ensure your spouse is included as a beneficiary.
- Divorce: A divorce may require updating beneficiaries and removing any former spouse from your will.
- Children: If you have children, you may want to designate guardians for them and include provisions for their care.
- Death: The death of a beneficiary or executor calls for an immediate update to your will.
Changes In Tax Laws Or Estate Planning Laws
Laws regarding estate planning and taxation can change over time. These shifts may affect how your estate is taxed or the legal implications of your will.
For instance, tax laws might change, causing your estate to owe more or less than anticipated. A regular review ensures that your wills and estate planning is still in line with current laws, helping you avoid unnecessary taxes or legal complications.
When You Acquire New Assets
Acquiring new property or assets is another major reason to update your will. This can include buying a new house, getting a new vehicle, or acquiring valuable assets like artwork or investments. You want to ensure that these new assets are properly designated in your will so that they are included in your estate plan.
How To Update Your Will
Updating your will isn’t a complicated process, but it does require careful attention to detail. Here’s how you can go about it:
Consult With A Will Lawyer Edmonton
While it’s possible to update your will yourself, seeking the help of a professional “will lawyer in Edmonton” can ensure that your changes are legally valid.
A lawyer will help make sure that your will complies with local laws and that your intentions are clearly expressed. They can also help identify any potential issues that might arise during the probate process.
Make Amendments Or Create A New Will
There are two primary ways to update your will: making amendments (known as a codicil) or creating a completely new will. If your changes are minor, such as changing a beneficiary, a codicil may suffice. However, if there are major changes, it’s better to create a new will. A new will ensures that everything is clearly outlined and there is no confusion.
Review All Aspects Of Your Estate
When updating your will, don’t just focus on the changes you’re making. Take the time to review all aspects of your estate plan. Make sure your beneficiaries are still valid, your assets are properly accounted for, and your executor is someone you trust. This review gives you a chance to identify any gaps or issues that need attention.
Benefits Of Regularly Updating Your Will
Regularly updating your will comes with several benefits. Here are a few of the most important reasons to keep your will current:
- Clear distribution of assets: Ensures that your assets are distributed according to your most current wishes.
- Minimizes family conflicts: Avoids confusion or disputes among family members by making your intentions clear.
- Avoids probate issues: Properly updating your will reduces the likelihood of complications during the probate process.
- Reduces tax burdens: Helps you take advantage of any changes in tax laws that may benefit your estate.
Conclusion
Updating your will is an essential task that should not be overlooked. Whether you’ve experienced a major life change, acquired new assets, or simply want to ensure your wishes are clearly outlined, keeping your will current is crucial. By reviewing your will regularly and making updates when necessary, you can ensure that your estate is handled smoothly and in accordance with your desires.
By consulting with a “will lawyer in Edmonton” and staying proactive with your estate planning, you can avoid complications and ensure your loved ones are taken care of. Remember, your will is a living document that should evolve with your life.