When to Review Your Will: A Guide for Keeping Your Estate Plan Current

Once you’ve gone through the process of estate planning and have a will and powers of attorney documents in place, you might wonder when you should review your plan. It is a good practice to review it after any major life change, or at least every 3-5 years to ensure it continues to reflect your wishes. Here are some key situations when you should consider updating your will.

• Marital Status Changes: If you've recently married, divorced, or entered a common-law relationship, a review of your estate plan will ensure it aligns with your current relationship status.

• Birth or Adoption of Children: When you welcome a new family member, you should ensure your plan includes provisions for the care and financial well-being of your child. This includes naming guardians and specifying how assets should be managed for their benefit.

• Changes in Financial Situation: If your financial situation has significantly changed – for instance, due to a new job, investments, or a large inheritance – you may need to reconsider your estate plan. Updating your will ensures that your assets are distributed according to your current financial circumstances.

• Relocation: Moving to a new province or country can affect the validity of your will. It's essential to consult with a lawyer to ensure your will complies with the laws of your new jurisdiction.

• Changes in Beneficiaries' Circumstances: Life circumstances of your beneficiaries may change, and you might need to update your will to reflect this. This could include beneficiaries marrying, divorcing, onset of disability, financial struggles, or experiencing other significant life events.

• Changes in Personal Wishes: As you grow and evolve, your personal preferences may change. You might wish to update your will to reflect new charitable intentions, funeral arrangements, or any other specific wishes.

• Evolving Estate and Tax Laws: Laws and regulations change over time. Regularly reviewing your will ensures that it reflects the current state of the law, and can help you take advantage of any tax-saving opportunities that may arise.

• Business Ownership: If you own a business or have interests in one, changes in your business situation, such as partnerships or restructuring, should prompt a review of your will.

• Health Changes: If you, your executor, or a beneficiary experiences significant health changes or incapacitation, changes to your estate plan, including both your will and powers of attorney, may be necessary.

The above situations will not always necessitate updates to your estate plan. However, periodic review of your documents is a key exercise to ensure your plan continues to align with your wishes. It can also provide peace of mind, affirming that your estate plan is up to date and in order.

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