What Are the Most Common Reasons for Will Changes?
There are many good reasons for changing or updating your Will. Here are the most common reasons that we run across.
Changes in Legislation
Here in British Columbia, Canada, we had a major change in legislation back in 2014. Anyone who had a Will done prior to that should be taking a close look at the document for its validity. Previous legislation invalidated the Will on most changes in our lives.
Wills should be revisited on a regular basis; I like to suggest every three years or so. If 10 years have gone by, that’s a good reason all by itself to take a close look at your Will and see if anything should be changed. Your relationships with friends and family members can change, and you want to be sure that what you want is reflected in your Will. Also, over time your net worth can change, which can in turn change what you want done with what you leave behind.
Change in Financial Status
If you suddenly come into a lot of money or lose a lot of money, you may want your will to show some substantial changes. You may want to cut off some gifts, or perhaps you’ll want to leave more money to charity.
If you get married or get separated or divorced, that’s a good time to change or update your Will. You likely want to appoint a different beneficiary. This is especially true if you have children from a previous marriage but are marrying someone else. It’s important to make sure you protect your children’s assets no matter what.
Once you have children, it’s especially important to have a Will. If not for the distribution of your assets, for appointing the guardians of your children. If you already have one, update with that information.
The most important thing here is to have a Will in the first place. That will save time, money and avoid conflicts for the ones your leave behind. If you don’t have a Will, the province has laws that cover how your estate will be handled in the case of your death. Dying without a Will is called dying “intestate,” and your beneficiaries will still receive the funds, however they will have to deal with more paperwork, bureocracy and pay to hire a lawyer to receive court authority to deal with your estate.
Any major life change is a good reason to revisit your Will. If you need some help with that, contact us, and let us help you.
Real Estate Legal Services in BC
At Zancope Notary Public, we offer real estate services for clients in Langley and throughout Greater Vancouver and the Fraser Valley. We can help you with buying, selling, and refinancing real estate, and also provide family property transfers and independent legal advice. We are a full-service firm that is well acquainted with real estate law.
If you have any questions about this article or wills, in general, or if you want to make an appointment with Zancope Notary Public, please contact us at (604) 260-6783.