A will ensures that the wishes of the deceased are successfully carried out with minimal expense or delay when they pass. When properly prepared, this written document can clearly outline how an estate should be managed and distributed.
Although it may seem like a tedious process, certain life events may trigger the need to amend your will. A document of such importance must be kept up-to-date. To confirm that your will is accurate and current, you may want to consult a wills and estate lawyer. Contact us at Verhaeghe Law Office to schedule a consultation today.
Your Marital Status or Family Life Changes
You will want to update your will if your marital status changes. If you are newly married, amending your will can help to protect your spouse should an accident occur. Your amendments might include making them a beneficiary or the executor of your will. Together, you can craft a tailor-made plan that reflects your intentions and lifestyle.
Similarly, you may want to change your will after undergoing a divorce or separation. You can remove your ex-partner from your estate plan partly or entirely, change your beneficiaries, or rename your executor. There may be joint investments contemplated in your estate plan that have been divided in the divorce. Your will should reflect these changes. If you have minor children, you may have to reconsider your contingent guardian and overall plan should both parents pass away.
You should also amend your documents if your family dynamic changes. For example, once you have a baby, they can be included in your will. A minor beneficiary trust can be created and amended as you have more children.
Should you become a blended family, you and your partner may want to have certain plans in place should one or both of you pass away. Estate administration for blended families can be complex, so it is always advisable to speak with an experienced wills and estates lawyer who can help you execute your plans efficiently.
Your Executor or Beneficiary Passes Away
You will also have to update your will if someone named in it passes away. Failing to do so could cause issues down the road or even lead to litigation. Similarly, your executor may need to be renamed if they are no longer of sound mind or able to act for you.
Regardless of your estate size or personal situation, a will is the key to protecting the life that you have built. An Edmonton estate lawyer may be able to help you navigate this process.
Codicils and the Updating Process
There are a few ways to update a will, specifically via a codicil or a re-draft. A codicil is a separate legal document that officially updates a will and can be useful for minor changes.
If an original will is not valid, a codicil cannot be used to make changes. Instead, a new will is required. There are many factors to consider when preparing your will and ensuring that it is indeed valid.
Re-drafting a will is the process of making a new document that contains all your updated provisions. Re-drafted wills will also meet current Alberta legal standards. Overall, codicils tend to be less costly. However, a re-draft may be a more cost-effective option if you must make numerous or major changes.
Contact Us Today to Schedule a Consultation
You will need to update your will when a major life event occurs. This could include a birth, death, marriage, divorce, separation, or even a significant change in your finances. The wills and estate lawyers at Verhaeghe Law Office can help you update your documents and create a sound estate plan. Contact us to schedule an appointment today.
** Please note, this article is intended as a general overview on the subject of estate law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta estate lawyer.
