A well-crafted Will is a cornerstone of your estate plan, reflecting your wishes for the distribution of assets and the care of your loved ones after your passing. However, life is ever-changing, and circumstances can shift dramatically over time. This is why keeping your will up-to-date is essential to ensure your intentions are accurately reflected.
At McDougall McQueen we often see clients situations change but they forget to update their Will and unfortunately this can lead to complications at what is an already very stressful and distressing time for family.
Here are some pointers as to when you should update your Will:
- Major life events: Life is full of milestones that can impact your estate plan and should necessitate updating your Will, such as –
- Marriage or divorce
- Birth or adoption of children or grandchildren
- Death of a spouse, beneficiary, or executor
- Financial changes: Significant changes in your financial situation, such as receiving a large inheritance, selling or acquiring valuable assets, or changes in your business ownership, might warrant a revision of your will.
- Changing wishes: Over time, your thoughts on how you want to distribute your assets or who you want to name as beneficiaries may evolve. Regularly reviewing your will helps ensure your wishes remain accurately reflected.
- Legal updates: Changes in the legal landscape, tax laws, or regulations might impact the effectiveness of your will. It’s important to speak to professionals to ensure your Will is aligned with the current legal environment.
- Executor or Guardian changes: If your designated executor, guardian for minor children, or trustee is no longer able or willing to fulfil their role, updating your Will is crucial.
Life is a journey marked by changes, and keeping your Will current is a responsible and caring step to take for your loved ones. At McDougall McQueen, we understand that circumstances evolve, and we are here to guide you through the process of updating your Will to accurately reflect your current wishes.