Your Will is the document that specifies how your estate will be distributed upon your passing. Once it is made, it should be reviewed and updated to account for any major life changes. Many people will create a Will, store it in a safe place, and then forget about it, failing to consider that when it comes time to read the Will, it may not adequately address new or altered relationships and circumstances. Here are three reasons why you should review your Will:
You may find that your Executor is no longer able to act (possible due to a change in their lifestyle, relocation, growing old, etc.), or that you simply want to name a new individual (or individuals, or a trust company) to administer your estate;
If one of your beneficiaries has passed away, it is important to update your Will to ensure that their share is allocated according to your wishes;
While Alberta law provides that a legal divorce voids the gift to your former spouse in your Will, if you do want them to receive a share of your estate, it is important to confirm this in your document.
If you have any questions about updating your Will, please contact our office. Remember, we are here to help!