Any time is the right time! Unfortunately, most people put off creating or updating their will until it is too late. Many lawyers have stories about the consequences of what is called “dying intestate” (in other words, dying without a will). On the other hand, many people are unsure when they should make or update their wills and powers of attorney. Wills and powers of attorney should be reviewed at least annually to ensure they still reflect your wishes. That being said, many people look to certain milestones as convenient times to update their estate documents. Here are some moments in your life when you should consider creating or updating your will and powers of attorney documents.
When you get married:
Marriage is a huge commitment that involves the promise to build a life with another person. For most people, their spouse is the person they trust more than anyone else; the person they most want to protect. When you decide to marry, you need to ask yourself some important questions about your will and powers of attorney. Do you trust your spouse to make decisions for you if you became incapacitated, or would you prefer someone else to be your attorney? Is your spouse provided for in the will? How much do you want to leave to your spouse?
In certain circumstances, marriage also has the effect of voiding a previously drafted will. Moreover, even if the will is not voided, your spouse is entitled to take the money they would have received in a divorce instead of taking what you left them in the will. Does your current estate plan take these possibilities into account? If not, you may want to consider updating your will.
When you have children or grandchildren:
Unlike spouses, the Succession Law Reform Act does not protect children who are not included in a will. Children only benefit from a will if they are included either by name or as a class. Therefore, if you want to protect your children, you should review your estate documents every time you have a child and ensure that they are covered. Additionally, you should consider how your grandchildren will be protected in the event that your child predeceases you.
Another important consideration when making a will is ensuring you have chosen a guardian to take care of your children, should you die before they reach 18. You should coordinate your will with your spouse so your estates agree as to who should care for your children.
When you retire:
Retirement represents a major life change. When you retire, consider the vision for your golden years. If the last update to your will was when you first had children, your life circumstances have likely changed. You should consider the individuals you elected to be your executors and attorneys, and ask yourself if you still trust them to act on your behalf. You should also consider choosing alternates for these positions in case your previous choices cannot act.
When retiring, you should also leave instructions for your care. If you could not make decisions for yourself, do you want to be cared for in your home or in a long-term care facility? Have your opinions on end-of-life care changed from when you first created your estate documents? When planning for your retirement years, make sure your estate documents represent your wishes.
Right now:
You do not need to wait for a milestone to pass in order to update your estate documents. If you do not have a will and powers of attorney, don’t wait! These are essential documents. Once they are created, they should be reviewed at least once a year to ensure that they still protect your wishes. Dying intestate or becoming incapacitated without powers of attorney can leave you and your loved ones unprotected.
If you have questions about wills or powers of attorney, Law365 offers a free consultation. Whether this is the first time writing your estate documents or you need an update, call us at (647)-494-9599 or email us at info@law365.ca.
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