A Will is one of the most important documents you’ll create in your lifetime. It ensures that your wishes are honored and provides clarity for your loved ones during a difficult time. However, simply drafting a Will is not enough—you must also review and update it regularly to ensure it remains relevant and effective.
When Should You Update Your Will?
In British Columbia, it’s recommended to review and potentially update your Will every three to five years. However, certain life events may necessitate more immediate changes. Here are some key events that should prompt you to update your Will:
- Marriage or Divorce: In BC, marriage does not automatically revoke a Will, but it may impact the distribution of your estate. Divorce, however, can automatically revoke any gifts or appointments to an ex-spouse under the Wills, Estates and Succession Act (WESA). If you marry, divorce, or separate, it’s crucial to review your Will to reflect your current wishes.
- Birth of a Child or Grandchild: Adding a new member to your family is a significant event. Whether it’s the birth or adoption of a child or grandchild, you may want to update your Will to include them as beneficiaries or guardians.
- Change in Financial Situation: If your financial situation changes significantly—whether through an inheritance, the acquisition of new assets, or a change in debt—you should update your Will to account for your current estate’s value and structure.
- Death of a Beneficiary or Executor: If a person named in your Will as a beneficiary or executor passes away, it’s essential to update your Will to designate new individuals in their place.
- Moving to a New Province or Country: Laws governing Wills can vary between provinces and countries. If you move out of British Columbia or Canada, you should review your Will to ensure it complies with the laws of your new jurisdiction.
- Changes in Relationships: Relationships evolve. If you experience significant changes in your relationships, such as estrangement or reconciliation, you may wish to adjust your Will accordingly.
What Happens If You Don’t Update Your Will?
If you fail to update your Will after a major life event, your current Will might not reflect your true intentions. This can lead to disputes among beneficiaries, unintended distributions, or complications for your loved ones. For instance, if you pass away after a divorce but haven’t updated your Will, your ex-spouse may no longer be entitled to inherit under the WESA, but this could lead to unintended consequences for other beneficiaries.
How Northam Law Can Help
At Northam Law, we understand the importance of keeping your Will up to date. Our experienced team can help you review your Will and ensure it aligns with your current wishes and life circumstances. We offer comprehensive estate planning services tailored to your unique needs, so you can have peace of mind knowing that your legacy is protected. Contact us today to schedule a consultation.
For more general information on estate planning in British Columbia, visit the Government of British Columbia – Estate Planning page.
Read other Frequently Asked Questions about Estate Planning:
What happens if I die without a Will?
Adding or removing someone from your property title – Pros and Cons
Can you disinherit a spouse or children in BC?
