Creating a will is a critical step in managing your estate and ensuring that your assets are distributed according to your wishes upon your passing. However, many people do not realize that just drafting a will is not enough. Life’s constant changes mean your will should evolve as your circumstances do. Here at our law office in Prince George, BC, we emphasize the necessity of regular will reviews to all our clients.

Life Changes That May Necessitate a Will Review

Several key life events could significantly impact the relevance and effectiveness of your will. These include:

• Marriage or Divorce: A change in marital status is a common reason to update your will. New family members may need to be added, or former ones removed, depending on the circumstances.
• Birth or Adoption of Children: The addition of a new family member is a joyous occasion and an important time to ensure they are included in your estate plans.
• Financial Changes: Significant changes in your financial situation, such as acquiring or selling major assets like a home or business, can alter how you might wish to distribute your estate.
• Changes in Relationships: Alterations in your relationships with people named in your will, whether they be executors, trustees, or beneficiaries, can necessitate revisions to your will.

Benefits of Regular Will Reviews

Reviewing your will regularly ensures that your estate plan matches your current intentions and circumstances, thereby offering several benefits:

• Accuracy: It ensures that your estate plan accurately reflects your current wishes and circumstances, potentially avoiding family disputes or legal challenges.
• Relevance: It keeps your will relevant in accordance with any new laws or tax implications that might affect estate planning.
• Peace of Mind: Knowing that your will is up to date provides peace of mind that your loved ones will be taken care of in the manner you intend.

How Often Should You Review Your Will?

It is generally recommended to review your will every three to five years or after any significant life event. However, if you have any doubts about the contents of your will or if you believe your circumstances have changed, it is wise to consult with a legal professional.

Ready to Update Your Will? Let Us Help

If you’re unsure about the current state of your will or if you’ve recently experienced significant life changes, don’t hesitate to reach out. Our team is here to provide expert advice and peace of mind. Contact us at 250-563-8799 to schedule a consultation. Your future planning is our priority.