Are you on top of your plans for the future? Have you taken the time recently to ensure that your estate is in order? As the last few years have reminded us, life has a way of keeping us on our toes and presenting us with the unexpected at the least convenient of times. While it can be easy to lose track of personal matters during chaotic times, the reality is, it’s more important than ever before to make sure that your will is up to date. Doing so not only protects you, but also makes sure that your loved ones are cared for during one of the most difficult experiences they’ll face.
At Paperclip Law, we know that estate planning can often feel overwhelming. That’s why our legal experts are here to partner with clients throughout the Greater Vancouver Region to make creating and updating your will easy. Each of our team members will take the time to walk through your needs, the needs of your beneficiaries, and any concerns you may have for securing the future.
Below, we’ll cover 5 Signs it’s time to update your will. Read on to learn more!
1. Your family/beneficiary structure has changed
Life moves pretty fast, and relationships can evolve just as quickly! Whether you’re expecting a child, getting married, contemplating divorce, have lost a loved one, or experienced any other significant changes to your core relationships, it’s time to make sure these updates are reflected in your will.
2. You’ve Moved
Have you recently moved provinces or purchased a home of significantly higher (or lower) value? For the former, it’s important to ensure that all aspects of your will are accurate and relevant within your new province of residence, and for the latter, you’ll want to make sure that your assets list accounts for any significant change in possessions that vary financially.
3. Your Financial Status Has Changed
Similar to above, if you find yourself having suddenly inherited a large sum of money or taking on additional assets that drastically increases your financial status, you’ll want to ensure that your estate accounts for this shift in standing. Doing so will help your family sort through all assets after your passing, as well as handle any outstanding debts or legal aspects that need to be accounted for.
4. Medical Considerations
If you’ve been recently diagnosed with a life altering medical condition or have experienced an event that makes it necessary to consider future care, it’s crucial to update your will to make sure your wishes and concerns are properly addressed. A lawyer, as well as your doctor can help you decide if you need to appoint a healthcare proxy or grant power of attorney to a trusted individual should you lose the ability to make informed decisions in the future.
5. It’s Been A While
We get it, it’s easy to lose track of time and forget to update your will! If it’s been a few years since you last took a look or made any chances, it’s always a good idea to sit down and take some time to review with an attorney to make sure that everything is accounted for and up to date.
Options for updating your Will
Once your will has been duly executed, there are two ways you can update the document. The first is a codicil that acts as an addendum that changes, revokes, or adds further detail. Generally speaking this is the most cost-effective measure, however, if the majority of your will needs to be updated, your best bet may be to create a new document entirely.
Is Your Will Up to Date?
If you need to update your will, Paperclip law is here to help! Our team is happy to assist with all estate matters, including wills, probate, and more. Contact us today to learn more!