5 Compelling Reasons to Think Twice Before Updating Your Will

I often get asked whether a will needs updating. My answer surprises many: not always. Let’s unpack some common beliefs about when to revisit your will.

Your Will is Old

Many think a will made over 25 years ago must be outdated. That’s not true. I’ve seen wills from decades ago still serve their purpose well. A will’s effectiveness isn’t just about age.

New Home, New Assets

Just because you’ve bought a home or made other investments, it doesn’t mean your will is invalid. Most wills allocate assets without naming specifics. They direct how your estate is divided among beneficiaries, regardless of changes in your assets.

Children Who Are Now Adults

If you’ve named a guardian for minor children, once they reach adulthood, that clause becomes irrelevant. But removing it isn’t necessary; it just loses its impact.

Moving from Another Province

Many believe that a will made in another province is invalid in British Columbia. That’s a misconception. A valid will from elsewhere still stands. However, a review is essential since local laws may differ and affect your estate plan.

Address Changes

Your will might have an outdated address. While this may seem like a reason to update, it’s not. The address serves mainly as a reference to distinguish you from others with the same name.

Name Changes

If a beneficiary changes their name, your will doesn’t need updating as long as it’s clear who they are. Their relationship to you remains unchanged.

Deceased Beneficiaries

If a beneficiary passes away, you may not need to change your will. Good wills often include plans for what happens if a beneficiary dies, like passing their share to their children.

Executor Changes

Thinking of appointing a child as executor instead of a parent? This change could depend on several factors. Every situation is unique.

The Importance of Regular Reviews

While it’s good to know your will is valid, that’s not enough. You want your estate plan to minimize taxes and legal fees while ensuring your wishes are honored. Even if new assets don’t need a will update, discussing them with a lawyer can optimize how they’re passed to your beneficiaries.

Notably, according to a recent survey by the National Endowment for Financial Education, nearly 60% of Americans don’t have a will, reflecting a gap in planning that could have significant financial consequences. Regular reviews help catch any shortcomings and improve your estate plan.

In summary, don’t just leave your will as is. Check in with a lawyer and keep your estate plan effective and updated.

For more insights on estate planning, visit trusted resources like the Canadian Bar Association.

If you have questions or want to know more, feel free to reach out!

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