When to Update Your Will in Alberta: A Comprehensive Guide
- Rikesh Wadhwa
- Dec 18, 2024
- 3 min read
Creating a will is a crucial step in ensuring that your assets and wishes are handled according to your desires after you pass away. However, drafting a will is not a one-time task; it’s essential to periodically review and update it to reflect changes in your life and circumstances. In Alberta, as in other jurisdictions, there are several key moments when you should consider updating your will. Here’s a comprehensive guide to help you determine when it’s time to revisit and revise your will.
1. After Major Life Events
Marriage or Divorce:
Marriage: If you get married, it’s essential to update your will to include your new spouse. Alberta law generally revokes any existing will upon marriage unless it was made in contemplation of that marriage.
Divorce: A divorce can affect your will in Alberta. If you get divorced, any provisions in your will that benefit your former spouse are usually invalidated, but this might not automatically update other aspects of your will. You should review and revise your will to ensure it reflects your new circumstances.
Birth or Adoption of Children:
If you have a new child or adopt a child, it’s important to update your will to include them. Ensure that they are named in your will and that any guardianship arrangements are updated accordingly.
Death of Beneficiaries or Executors:
The death of a beneficiary or executor can necessitate an update to your will. You’ll need to name new beneficiaries or executors to ensure your estate is handled smoothly and according to your wishes.
2. Significant Financial Changes
Acquiring or Selling Major Assets:
Significant financial changes, such as buying or selling property, receiving a large inheritance, or starting a new business, should prompt a review of your will. Make sure your will accurately reflects your current assets and your wishes regarding their distribution.
Changes in Financial Status:
If your financial situation changes significantly, whether through an increase or decrease in wealth, updating your will ensures that your assets are distributed according to your current wishes and that any tax implications are considered.
3. Changes in Personal Relationships
Changes in Family Dynamics:
Family dynamics can change over time, and it’s essential to update your will to reflect these changes. If relationships improve or deteriorate, or if you develop new close relationships, ensure that your will accurately reflects these dynamics.
Health Concerns:
If you experience significant health issues, it might be a good time to review your will. You may want to update your will to include specific medical directives or make adjustments based on how you wish your affairs to be managed in the event of incapacitation.
4. Changes in the Law
Legislative Updates:
Laws and regulations regarding estates and wills can change. It’s wise to review your will periodically to ensure it complies with current laws in Alberta. Consult with a legal professional to make any necessary adjustments to keep your will up-to-date.
5. Every Few Years
Routine Review:
Even if none of the significant changes listed above occur, it’s a good idea to review your will every three to five years. This routine check ensures that your will remains relevant and accurately reflects your current circumstances and wishes.
How to Update Your Will
To update your will in Alberta:
Consult a Lawyer: While it’s possible to make changes to your will yourself, it’s often best to consult with a lawyer who specializes in estate planning to ensure that all updates are legally sound and effectively executed.
Draft a Codicil: For minor changes, you might use a codicil, a legal document that amends your existing will. However, if there are significant changes, it might be better to draft a new will entirely.
Sign and Witness: Ensure that any updates are properly signed and witnessed according to Alberta’s legal requirements to make them valid.
Conclusion
Regularly updating your will is essential to ensure that your estate is managed according to your current wishes and that your loved ones are taken care of as you intend. By paying attention to significant life events, financial changes, personal relationships, legal updates, and conducting routine reviews, you can keep your will in alignment with your evolving circumstances. Consulting with a legal professional can provide additional peace of mind and ensure that your will remains both valid and effective.
If you haven’t reviewed your will recently, now might be the perfect time to do so. Taking these proactive steps will help ensure that your estate is managed according to your wishes, providing you and your loved ones with peace of mind.
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