Keep your will up-to-date
Making a will is an essential step in helping to ensure your wealth passes to the people and organizations that matter to you. But making a will is just the first step in protecting your family and your wealth. Equally important is keeping this document up-to-date.
Be sure to review and update your will if:
• You (or one of your beneficiaries) get married, separated, or divorced.
• Your executor or beneficiaries move to another province or country.
• You acquire real estate in a new province or country.
• You acquire new dependants — for example, if your elderly parents move in with you.
• You acquire a new beneficiary, such as a grandchild.
• Your executor or one of your beneficiaries passes away.
• Your executor or trustees are no longer willing or able to accept their roles.
• There is a significant change in your
net worth (for example, you receive an inheritance).
A proactive approach
Even if there have been no major changes, it’s a good idea to review your will with a professional every year or two. That way, you can be confident that it continues to reflect your wishes and aligns with current tax legislation and family law.