16 Dec Importance of updating your Will!
Why updating your will is essential and when you should consider doing so.
Your will is one of the most important legal documents you’ll ever create. It ensures that your wishes are respected (subject to successful wills variation claims) and your loved ones are provided for after you pass away. However, life is constantly changing, and if your will doesn’t reflect those changes, it might not accurately represent your intentions.
In British Columbia, the Wills, Estates, and Succession Act (WESA) governs wills and estate planning. This legislation underscores the importance of keeping your will current to avoid complications for your loved ones. Below, we explore why and when you should update your will.
Keep Your Will Up-to-Date
As life evolves, so do your priorities and circumstances. Updating your will ensures that it continues to align with your wishes and BC’s legal requirements.
When Should You Review or Update Your Will?
- Significant Life Events
Major milestones can directly affect your estate planning:
- Marriage or Divorce: In BC, marriage no longer automatically revokes a will, but your spouse may still have legal rights under WESA. Divorce, however, can alter how your assets are distributed.
- Birth of a Child: Welcoming a new child may necessitate adding them as a beneficiary or appointing a guardian in your will.
- Loss of a Loved One: If an executor or beneficiary passes away, you may need to appoint new representatives or redistribute your assets if your will does not contemplate such contingencies.
- Changes in Assets
Acquiring or disposing of significant assets—like purchasing real estate, selling a business, or inheriting money—may require an update to ensure your will reflects your new financial situation.
- Change in Executors or Beneficiaries
Relationships change over time. Whether you’ve fallen out of touch with someone named in your will or wish to recognize new relationships, it’s crucial to revise your will accordingly.
- Legal or Tax Updates
Changes in BC or Canadian laws regarding estate planning and taxation may necessitate a review of your will. Consulting with a lawyer ensures your estate plan remains compliant and efficient.
Why Regular Reviews Are Crucial
Even without a major life event, it’s wise to review your will every few years to:
- Confirm it still reflects your current wishes.
- Ensure it meets the latest legal standards.
- Prevent ambiguities or conflicts among your heirs.
The Risks of an Outdated Will
Failing to update your will can lead to unintended consequences, such as:
- Beneficiaries being excluded or receiving unequal shares.
- Increased taxes or legal challenges.
- Executors being unable or unwilling to fulfill their duties.
Your will is a living document that should grow and change with your life. At Sitka Law Group, estate planning is one of our main areas of practice and our lawyers can guide you through reviewing and updating your will to ensure it reflects your current wishes. Our team at Sitka Law Group is here to help. Don’t have a will check out our blog on the top 5 reasons for preparing your will.
Contact us today to schedule a consultation. Protect your loved ones and your legacy by keeping your will up to date.
We’re conveniently located on Shelbourne Street, near the intersection of Victoria, Oak Bay, and Saanich.
This article is current as of December 16, 2024, and it is intended for general information purposes only. It is not intended to provide legal advice and should not be considered legal advice. Readers with concerns about how this affects particular situations or transactions should obtain the independent review and advice of legal counsel.