October 06, 2021 by Jen Schreurs
In the Province of BC, this week is dedicated to individuals and families making sure they have a Will. It is one of the most important documents; however, most people in the province don't have a Will.
Now that you have a Will customized to fit your needs, wishes and estate, how often should you review it? Associate Jen Schreurs gives a few different examples of when you should check or even change your Will.
Today’s topic for Make-a-Will-Week is how often you should review your Will. Most estate planning practitioners will say that you should check your Will every five or so years.
My general rule of thumb is that you should be reviewing your Will anytime you have a “major life event.”
Some examples of a major life event include: getting divorced; getting married; having a child; a significant change in your financial situation; buying or selling a house or other recreational property; starting a new business; moving to BC from another province or country; a party named in your Will predeceases you; your children turn 19 and no longer require a guardian or trust fund.
These major life events should trigger you to consider reviewing and revising your Will.