You’ve been meaning to do it for years. You keep telling yourself you’ll get around to it, but life always seems to get in the way. We’re talking about updating your will, and if you haven’t done it in a while (or ever), now is the time to make it a priority.
What is a will?
A will is a legal document that outlines how you want your assets to be distributed after you die. Assets can include anything from property and possessions to money and investments.
If you die without a will, your assets will be distributed according to intestacy laws in your province or territory. It means that your closest relatives will inherit your estate, even if that’s not what you would have wanted.
Updating your will gives you peace of mind knowing that your wishes will be carried out after you die. It also ensures that your loved ones are taken care of financially. Your will is one of the most important documents you’ll ever create, and it’s crucial to keep it up-to-date.
Here are reasons why updating your will should be part of your yearly health check:
- Your life has probably changed since you last updated your will
If you haven’t updated your will in a while, your life has likely changed significantly. You may have gotten married, had children, or become divorced since you last edited your will. These changes should be taken into account when creating or updating your will.
- You may not have thought about what would happen if you died intestate
One of the main reasons to update your will is to make sure that your wishes are carried out in the event of your death. If you die intestate (without a will), the state will decide how your assets are distributed, which may not be what you would have wanted.
- You may need to update your beneficiary information
If you’ve had a major life change, you may also need to update your beneficiary information. For example, you’ll need to name your new spouse as a beneficiary on your life insurance policy and retirement account if you get married.
- You can use your will to plan for the future
Your will doesn’t just have to be about what happens when you die. You can also use it to plan for the future and ensure that your loved ones are taken care of. For example, you can use your will to appoint a guardian for your children or set up a trust fund.
- You may want to make changes to your estate plan
Your estate plan includes more than just your will. It also includes trusts, power of attorney, and healthcare proxies. If you’ve had a major life change, you may want to change your estate plan.
- The cost of updating your will is minimal
Updating your will doesn’t have to be expensive. In most cases, the price is minimal and can be done for a few hundred dollars.
Updating your last will & testament should be part of your yearly health check because it’s important to make sure that your will reflects your current wishes. If you have any questions about updating your will, please contact an attorney.
