Updating a Will

Every few years, you should review your will to ensure it reflects your current circumstances and wishes. Common circumstances when you should immediately review your will is if you become a parent, get married, become separated or divorced, or start or end a common-law relationship. If your financial situation significantly changes, such as purchasing a home or taking on debt; if the person you appointed as your executor dies or their personal circumstances change; or if you want to add or remove beneficiaries, you should considering changing your will.

If you recently became a parent and have a will, you will need to update your will to include your child as a beneficiary of your estate. If you die without a will, or with a will that does not mention your child, your child will have to apply to the court to seek support from your estate as a dependent. The same applies to a common-law partner. This takes time and is costly, so it is advisable to consider changing your will if you become a parent, or start or end a common-law relationship.

If you were married and had a will prepared before January 1, 2022, your marriage revoked your will. If you were married and had a will on or after January 1, 2022, your marriage did not revoke your will, so if you wish to make your spouse a beneficiary, you need to update your will.

If you separated from your spouse before January 1, 2022, the separation did not revoke your will, and your separated spouse is still entitled to any property as stated in your will. If you separated from your spouse on or after January 1, 2022, your will is treated the same as if you are divorced.  

If you get divorced, the divorce does not revoke your will, but it cancels your ex-spouse’s entitlement to any of your property as stated in your will and removes their ability to be your estate trustee. This mean that if you die without removing your ex-spouse from your will, your estate will be administered as if your ex-spouse predeceased you.

You cannot change your will by simply writing on it or attaching a document or note. Once your will has been signed, the only way to make changes is by making a new will or a codicil. A codicil is a document separate from your will that is used to make a small change to an existing will. Determining whether a codicil is appropriate is highly contextual, so you should seek legal advice before preparing such a document.

When considering making changes to your will, it is important to have an up-to-date understanding of estate law and proceedures. I can help. I offer a free 20-minute phone consultation where you can inform me of your wishes and concerns, ask questions, and determine next steps. I look forward to hearing from you!