Your Will is not set in stone for eternity. Whether you choose to change something in your Will or circumstances necessitate it, you can update or write a new Will at any time.
Your Notary can advise whether you should amend your current Will by adding a separate document (called a Codicil) or prepare a new Will to replace your existing one. If you write a new Will, it will replace older ones, but we recommend adding a line in each one that states that you revoke all prior Wills.
But, how do you know it’s time to update your Will? Here are some of the most common reasons:
When You Have Children
When you bring children into your family, it’s a busy time. Even with all the busyness, please make time to update your Will. One of the big reasons is to ensure that they are taken care of should you and your partner pass.
Your Will includes a section to name the guardians for any minors in your family. It also provides information about what financial support they will receive while children and upon coming of age. When choosing a guardian, choose someone with the same values as you. Most often, this is your sibling, cousin or parent, or close family friend. Be sure to discuss this with your chosen guardian before adding them to your Will, to ensure they are up to the task.
When You Welcome Grandchildren
Becoming a grandparent is a joyous time. It’s also when you need to update your Will, especially if you want to leave any inheritance to your new grandchildren. This is a great way to help them buy a home or pay for school.
When Someone In Your Will Passes Away
Your Will includes many people, including beneficiaries, Executors, and family members. If any of these people pass, their responsibilities or inheritance will default to the Alternates you specify. Otherwise, the courts will decide the fate of your estate, and it may not match your wishes.
This may be a time to review the Alternates in your Will to ensure they are willing and able to act in the role you’re assigned. If not, it’s time to amend your Will to include someone who is
When You Legally Separate Or Divorce
If you and your common-law or married partner legally separate or divorce, get your Will updated as soon as possible. Likely you’ve named this partner your Executor and or main beneficiary. They’re probably not going to remain in this role when you are no longer together.
Depending on whether your divorce is amicable, you may still want to include your former partner in parts of your Will. This may apply if you still intend to share children, property, or a business. You can also choose to take them out of your Will completely.
A divorce often also leads to a separation of assets. This should be reflected in your new will.
When You Move (Or Acquire Real Estate)
Keep your residential address and the addresses of any property you own, up-to-date in your Will. If your primary residence changes or you buy or sell property, the new property valuations, mortgages, and addresses should be included in your Will because they will become part of your estate when you pass.
If you co-own any properties, your Will must stipulate who gets your share of the property upon your passing.
To Change Your Executor
Your Executor is the person you assign to manage your Will and wishes upon your passing. This person will deal with your estate and distribute assets to beneficiaries. There are many reasons this person may change:
The Executor is one of the most important roles that need to be included in your Will, so talk to your Notary if you need to change this responsibility to someone different, or name an Alternate.
If Your Finances Significantly Change
While you don’t need to update your Will to update your bank balance every time it changes, you should update your Will after any significant changes in your financial situation. This includes adding any significant debts, acquired wealth or property, and any businesses in which you may operate or have a stake.
Not only do your significant assets need to be kept current, but if necessary, you may need to look at how your assets are distributed upon your passing. For example, if you suddenly win the lottery, you may choose to include others in your beneficiary list or change how much they receive. You may also choose to donate part of your estate to a charity or cause.
All these reasons necessitate an amendment to your Will or a new Will. Not sure if you’ll need a lawyer or notary public for your legal matters? Check out this link to learn the difference.
If Laws Are Updated That Affect Your Will Contents
Occasionally laws change that impact the validity of your Will. These are hard to predict but could include new laws on how Wills are drafted and executed, or they may change the definitions for specific roles (such as common-law partners, Executors, Guardians).
It’s good practice to review your Will every 1-2 years to see if anything needs to be updated. Your Notary can help advise if any changed laws affect your current Will.
Does Your Will Need Updating Now?
Has something changed in your family or life that needs to be reflected or updated in your Will? Don’t forget that your Will can be amended or updated at any time. The more accurate your Will is, the easier it will be for your Executor to finalize your estate.
Is it time to amend or update your Will? As a BC Notary, I am qualified to help you draw up Wills and Codicils. I can walk you through the whole process so you feel comfortable that your final wishes will be honoured.
Have any of these life events happened to you? Contact my team at Mt. Pleasant Notary to book a consultation and get started on your Will.
Social & Newsletter
Did you recently get married? Did you welcome a child to your family? Are you newly separated or divorced from your partner? All these life events mean it’s time to update your Will. Learn all the times you should be updating this important document.
When was the last time you updated your Will? Here is a list of all the life events and circumstances that usually prompt someone to update their Will.