It is essential to periodically review and update your Will to ensure that it accurately reflects your wishes and takes into account any changes in your life circumstances. There are also specific events that may warrant a review and possible revision of your Will and estate plan. A Will is a critical legal document that allows you to control the distribution of your estate and ensure that your loved ones are taken care of after your passing. Preparing a Will with a lawyer is the most secure and wise option to take, and at Duensing Law we have the expertise to execute this with transparency and efficiency.
What Is A Will?
A Last Will and Testament is a legal document that can be used to control the distribution of your estate and appoint a legal guardian for dependents after your passing. Probate courts, which handle Wills and estates, use your Last Will as a guide when settling your estate. This document contains custom instructions for allocating money and property to specific people or organizations and appoints someone to act as your executor and oversee this distribution.
Why You Need A Lawyer For Your Will
The legal requirements for a Will vary among Canadian jurisdictions. Typically, a valid Will must be signed by the testator, an adult with legal capacity, in the presence of witnesses who are also adults with legal capacity. However, some Canadian jurisdictions may recognize handwritten or electronic Wills as legal. Nevertheless, these types of Wills may face closer scrutiny during the probate process, and a handwritten Will may not be as comprehensive as a written one.
When Should I Review My Will?
Creating a Will is an essential step in preparing for the future and ensuring that your assets are distributed according to your wishes. However, life is unpredictable, and circumstances can change over time. It is therefore critical to review your Will periodically to ensure that it remains valid and accurate. It is recommended that you review your Will every three to five years, or whenever a significant event occurs in your life. Some events that may require a review of your Will include the death of a beneficiary or estate trustee.
If your appointed estate trustee has passed away, you will need to select a new executor for your Will. Similarly, if a beneficiary named in your Will has died, you may need to update your Will to reflect this change. Another circumstance that might warrant a review of your Will is if the estate trustee moves out of Ontario. In this case, the estate trustee may no longer have the authority to act, and you may need to appoint a new estate trustee to ensure that your Will is properly administered. The declining health of either the estate trustee or a beneficiary is another factor that may require a review of your Will. If the health of the estate trustee or a beneficiary has deteriorated, you may need to make changes to your Will to ensure that their interests are protected.
Marriage is another significant event that can revoke a Will if it was not made in contemplation of marriage. In this case, you may need to create a new Will or update your existing one to reflect your new marital status. The birth of a child or separation and divorce may also require updating your Will. For instance, if you have a child, you may need to add them as a beneficiary or change your Will to reflect the new addition to your family. In the case of separation and divorce, you may need to update your Will to remove your former spouse or make changes to reflect your new circumstances.
Creating a Will is not just for seniors rather any adults who want to control the distribution of their estate benefit greatly from having one. Life is unpredictable, and it is essential to make your final wishes known. However, it is crucial to take the time to carefully consider your wishes when creating a Last Will and Testament. Duensing Law can guide you with total transparency through this process.
Having a valid and comprehensive Will is essential, regardless of age or life stage. Contact Duensing Law today at (416)601-4769 to learn more and take control of your and your loved ones future.