The life expectancy of your Will is very important. In Medicine Hat, I have seen and administered Wills that were 30 years old (and older). Lawyers are concerned the Will they are drafting for you might be the only Will you ever prepare, so we want the Will to be effective as long as possible. This is the reason lawyers in Medicine Hat ask you about how you want to divide your estate among yet to be born children and grandchildren.
Like a photograph, your estate planning documents are a reflection of your personal and financial circumstances, goals and values as at the date they were signed. Since that time, you may have experienced changes in one or more of these areas. Those important changes may not be incorporated in your estate planning documents.
In answer to the question, you should review your Will at least every 5 years, or when a significant life or financial event occurs that impacts your estate plan.
Reviewing your Will does not necessarily involve your lawyer. It does mean pulling out the Will, reading it, and asking yourself: “Does my Will still meet my estate goals at the present time, and into the (near) future?”
Reviewing your estate plan with your lawyer also makes sense. The laws that affect your estate plan change over time.
In February 2012, the Wills and Succession Act, (WSA) became law in Alberta. The WSA affects the law concerning Wills. These changes may affect your estate plan.
Ask yourself whether any of the following events have occurred in your life since you have prepared your Will:
– any of these changes apply to your situation; or,
– you are interested in knowing how the WSA may apply to your circumstances;
please contact us.