Life changes constantly, we wish to draw your attention to the following changes in life circumstances, all of which would warrant a review of your current estate plan. We have noted in our discussions with clients that many people are unaware of these points:
Marriage
Marriage voids your will. Therefore, if you have married since the time that you executed your will, your will is now void.
Divorce
Divorce does not void your will. However, it does void any gifts to your former spouse made in your will.
Significant Change in Financial Status
If your estate is such that you would leave a bequest of more than $300,000.00 to your spouse or to each of your children, we would recommend that your will contain tax planned testamentary trusts. If your estate has increased since you did your planning, such that it now falls within this category, it would be worthwhile having a further discussion about this.
Death of Executor or Beneficiary
If either your executor or one or more of your beneficiaries has died, your will should be reviewed to ensure that you still have a primary and alternate executor, and that you still have primary and alternate beneficiaries for your entire estate.
Purchase of a New Home or Change in Asset Structure
Whenever you purchase a new asset, whether a home, life insurance policy, RRSP, or other type of investment, consideration should be given to whether your estate plan needs to be amended. This is, of course, very context specific. We would be pleased to discuss your situation with you.
This information has been provided for general reference only. For advice on an actual matter, you should consult a lawyer. We would be very happy to discuss this further with you at your convenience, should you wish to do so. To contact a member of our team call us at 902-469-9500 or 1-866-339-3400 or contact us online to make an appointment.