Creating a Will is one of the most important steps in protecting your family and ensuring your wishes are honored. But drafting a Will isn’t a one-and-done task. Life evolves, circumstances change, and your Will should evolve with it.
Why Updating Your Will is Essential
Your Will reflects your current wishes and enables your loved ones to fulfill those wishes without unnecessary complications. However, if it no longer aligns with your current circumstances, it can create confusion, legal challenges, or unintended consequences. Regularly reviewing and updating your Will ensures it’s always accurate and comprehensive.
Key Life Events Requiring a Will Update
There are several significant life events that should prompt you to revisit your Will. Below are the most common scenarios Ontario residents should be aware of:
1. Marriage
Under Ontario law, marriage invalidates an existing Will unless the Will explicitly states that it was drafted in contemplation of marriage If you’ve recently tied the knot or are planning to get married, updating your Will is essential to ensure your spouse is included.
2. Separation or Divorce
A separation or divorce likely changes how you would want your assets distributed. While a divorce automatically revokes portions of your Will related to your ex-spouse, a legal separation does not. Updating your Will ensures your estate is distributed according to your new wishes.
3. Children (or Grandchildren)
Including guardianship provisions for minor children ensures that they are cared for by someone you trust if something happens to you. Similarly, welcoming grandchildren may prompt you to update asset distributions to create a lasting legacy.
4. Changes in Financial Circumstances
Whether you’ve bought or sold significant assets, started a new business, or come into an inheritance, changes in your financial situation may require adjustments to your Will to reflect these new circumstances.
5. Relocation
Moving to or within Ontario is another reason to revisit your Will. Estate laws differ between provinces, and what applies in one jurisdiction might not fully align with Ontario laws. Redden Law can provide legal guidance to ensure your documents remain valid and legally binding.
6. Death of a Beneficiary or Executor
If a beneficiary or executor named in your Will dies or becomes incapacitated, it’s important to update these roles. This ensures your wishes remain clear and can be executed without difficulty.
7. Lifestyle Changes or New Relationships
Whether you’re entering a common-law relationship, establishing a blended family, or simply shifting priorities over time, your Will should reflect your current life stage and intentions.
8. Health Concerns or Aging
If you or a loved one’s health becomes a concern, reviewing your Will can help prevent confusion and ensure everything is thoroughly planned.
How Often Should You Review Your Will?
Periodic reviews also help confirm that your documents align with your ongoing financial goals and personal wishes.
Work with Trusted Legal Experts in Ontario
Updating a Will may seem overwhelming, but you don’t have to tackle it alone. Redden Law specializes in Wills and Estate planning in Burlington and Hamilton. Their expert legal team ensures your Will reflects your evolving life circumstances while adhering to Ontario laws.
Contact Redden Law Today
Do you need help updating your Will or have questions about estate planning? Redden Law in Hamilton and Burlington is here to help Ontario residents, young families, and anyone prioritizing their estate planning.
Contact Redden Law today to book a consultation with a Wills and Estates lawyer in Hamilton.
