Calgary Lawyer for Wills, Estate Planning and Probate / Administration

Is it Time to Update your Will

Neufeld Legal | Calgary, Alberta wills and estate planning lawyer, advising clients in developing and implementing their personal succession plans.

Contact Neufeld Legal PC at 403-400-4092 or Chris@NeufeldLegal.com

When most people are looking to update their wills, and other estate planning documents, the only reason that they have contacted myself is because of a single circumstance with an individual (executor or beneficiary) no longer being available or appropriate. Yet, when I proceed to review the actual legal documentation, I most often find serious issues with respect to how the will is intended to proceed, whether this is a result of incomplete or missing steps, or directions that were clearly not intended by the individuals who had their wills previously drafted (most likely because the range of possibilities was not properly considered and covered in their existing will or estate planning documents).

There are numerous events that oftentimes trigger people to have their will updated (which we will look at), yet in this modern era, where it is simply a matter of scanning and emailing your current will (or estate planning documents) to ourselves for a very brief preliminary review, it makes sense to look far more frequently into the prospect of updating your will (and other estate planning documents), insteading of awaiting a trigger event, given that your legal documents might need immediate attention.

With respect to common triggering events, which oftentimes spurs people to update their will (and other estate planning documents), although it would be our professional recommendation to not wait, even though it is at your own discretion: 

  • Family Changes:

    • Marriage or divorce

    • Birth or adoption of a child or grandchild

    • Death of a beneficiary, executor, or guardian

    • A significant change in the relationship with a beneficiary or executor (e.g., an estrangement)

    • A child turning 18 or becoming financially independent

    • A child losing the capacity to care for themself and becoming reliant upon government programs

  • Financial Changes:

    • A significant increase or decrease in the value of your assets (e.g., an inheritance, a lottery win, or major investments)

    • Buying or selling a home or other significant property

    • Starting or selling a business

    • Changes to your debts or financial liabilities

  • Legal and Personal Changes:

    • Moving to a new province or country, as laws governing wills and estates vary by jurisdiction

    • Changes in tax laws that could affect your estate

    • If you've named an executor or guardian who is no longer willing or able to serve in that role

    • A desire to add or remove a charity or organization as a beneficiary.

Contact our law firm today to learn how our legal team can help you plan for the future (e.g., wills, trusts, estate planning) or deal with the legal demands associated with the passing of a loved one. Contact our law firm at 403-400-4092 or Chris@NeufeldLegal.com to schedule a confidential initial consultation.

 

When Should You Look to Update Your Will
Your Last Will & Testament ("will") is very much a "living" document that should evolve with your life, such that it might best reflect your most current personal situation and intentions upon your death. While there is no strict rule for how often you should update your will, legal professionals generally recommend that you review the particulars of your will every three to five years or, more importantly, whenever a major life event occurs. Read more.

 

Rewriting Your Will versus a Codicil
When you need to make changes to your will, there are two primary options available: (1) using a codicil or (2) rewriting the will entirely. The choice between these two depends largely on the nature and extent of the changes you want to make, although it may also be impacted by the sufficiency of the existing will in relation to updates in applicable legislation and probate procedures, such that even though the changes might be minor, it might be advantageous to have the will rewritten to take advantage of . . . Read more.

 

What Happens if you Die without a Will? Who gets your Property?
Should you die without a legally valid will, also known as dying "intestate," you will have no say in how the assets of your estate are distributed upon your death. Instead, the laws of your particular jurisdiction (for example, in Alberta the Wills & Succession Act) will determine who will administer your estate and who will inherit your property, which might not align with your personal wishes. Read more.

 

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