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Koroll & Company Blog

5 Important Life Events That Should Trigger a Review of Your Will

[fa icon="calendar"] Apr 16, 2019 11:00:00 AM / by Allen Koroll

A person signing an updated will

Many Canadians, or at least the half that have taken the time to draft a will, often assume that once their will has been written up, they can put it out of sight and out of mind.

The problem is that drafting your last will and testament requires regular updating to reflect changes in your life. As a rule, you should review your will every three to five years to ensure that everything still applies to your current situation. In addition, if is important to review your will after any major life event.

There are five specific life events that should trigger a review of your will, a change in your relationship with your beneficiaries, a change in marital status, the addition of a new family member, when your child reaches a milestone, or a change in assets.

1 - A change in your relationship with your beneficiary

There are several reasons that your relationship with your beneficiary may change including, but not limited to:

  • A beneficiary has passed away.
  • You have fallen out with your beneficiary.
  • A charity has been named a beneficiary, but you no longer support that cause or share support with multiple causes.

No matter the reason, if your relationship changes with your beneficiary, it is important to review your will. In some cases, such as the passing of a beneficiary, provisions may have already been made but taking the time to review your will with a professional, such as Koroll & Company, and updating it as necessary will ensure that you wish are fulfilled on your own passing.

Otherwise, your estate may not be distributed the way that you wish it to be and the wrong people or charity may get more assets than you wished them to have.

2 - A change in marital status

When you get married or divorced, it can have a major effect on your will.

In the case of marriage, in most provinces your will is automatically annulled. In this instance, your will would not be automatically revoked. If you do not create a new will upon marriage, your estate will be distributed based on succession laws, and possibly family law legislation, in the province you reside in.

As with a change in your relationship with your beneficiary, failing to review and update your will as necessary could result in the wrong people benefiting from your estate.

It is important to note that there are some exceptions to the automatic revocation of your will upon marriage, such as a contemplation of marriage clause which names your future spouse. If your will does contain such a clause, it is still a good idea to review your will to ensure that it still does what you need it to do and that your intentions have not changed.

Another major change in relationship that should trigger a review of your will is divorce.

Estate and succession law vary greatly from province to province. In some, divorce will result in the complete revocation of your will, while in others, only the conditions related to your former spouse will be annulled.

In the case of separation, your will is generally left unimpacted.

A change in common law relationships varies depending on the province you live in, however, you should still consider a change in your common law relationship a trigger for reviewing your will no matter where you live.

3 - The addition of a family member

Whether you are adopting or there was a birth of a new child, it is time for you to review your will.

While none of us want to think about the worst, being prepared is important. Not only will you want to select a guardian for your minor child, you may also want to create a trust to hold their share of your estate until they reach a specified age.

You will also want to reconsider this information as the child grows. Is the guardian you choose still the person you want to look after your child if you pass away? Do they still have the interest and ability to take on that responsibility? Is the age you selected for your child’s trust still appropriate? Should you let them have it sooner or make them wait until later? These are all important questions to ask yourself as your child grows.

4 - Your child reaches a new milestone

When your child graduates from college or university, gets married or divorced, or has a child, it is recommended that you review your will to ensure that you have made the best decisions for your estate and your family.

All of these may affect what you want to happen on your passing and can also play a role in the distribution of your assets upon your passing.

5 - A change in assets

When you initially created your will, you most likely thought about the value of the assets that you were leaving to your beneficiaries. The problem is, the value of your assets will grow and shrink in your lifetime and as a result, the proportionate value left to each beneficiary can also change.

If there is a change in the value of the assets you own, whether it is a business, investment, personal use property, you may want to review your will and change the terms where necessary.

What is important to us is always changing, and ensuring that your last will and testament will fulfill your final wishes - this is an important part of planning for the future.

By taking the time to review your will when major life events occur, you will feel confident that those you love will be taken care of and that your assets will be distributed in the way you intended.

While speaking to a lawyer is an important step in reviewing your will, you may also want to consider speaking with an accounting and tax professional. They can ensure that the way you are distributing assets will allow your beneficiaries to receive their share of your estate in accordance to your wishes, while also optimizing their after-tax position.

For more information on reviewing your estate or ensuring your assets are distributed efficiently and effectively, contact us today.


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The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.



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Allen Koroll

Written by Allen Koroll