How Often Should You Update Your Will in Ontario?
Ensuring your will remains valid and accurately reflects your current wishes is an essential part of estate planning. Many Ontario residents mistakenly assume their estate planning is finished once they create their will. However, life circumstances change, and your will must be updated to reflect these changes clearly and legally.
This article explains how frequently you should review and potentially update your will, highlighting key life events that typically require revisions.
When Should You Review and Update Your Will?
After Major Life Changes
Significant personal or family events often necessitate changes to your will, such as:
Marriage or Common-Law Relationship: Before January 1, 2022, marriage automatically revoked an existing will unless the will was explicitly created "in contemplation of marriage." As of January 1, 2022, amendments to Ontario's Succession Law Reform Act (SLRA), specifically section 16, state that marriage no longer revokes a previously executed will (Succession Law Reform Act, R.S.O. 1990, c. S.26, s.16 as amended by Schedule 9 of Bill 245, Accelerating Access to Justice Act, 2021, S.O. 2021, c.4). Nonetheless, reviewing your will upon marriage ensures your spouse is appropriately included according to your wishes.
Divorce or Separation: A divorce or legal separation can significantly alter your estate planning. Effective January 1, 2022, divorce or formal separation may revoke appointments of former spouses as executors and invalidate gifts made to them unless explicitly stated otherwise in the will (Succession Law Reform Act, R.S.O. 1990, c. S.26, s.17, as amended by Schedule 9 of Bill 245, Accelerating Access to Justice Act, 2021, S.O. 2021, c.4). Updating your will after such events ensures clarity and compliance with your current circumstances.
Birth or Adoption of a Child: Welcoming a new child or grandchild is an important reason to update your will. Specific provisions should be considered to ensure they receive adequate support or inheritance.
Death of a Beneficiary or Executor: If a named beneficiary or executor passes away, your will must be updated to name suitable replacements and to ensure smooth estate administration.
Financial Changes
Your financial circumstances directly impact your estate plan. Review your will regularly to reflect significant changes, including:
Increases in Assets: Significant growth in your estate’s value might require an update to address new tax implications or distribution methods.
New Investments or Properties: Acquiring real estate or significant investments typically requires adjustments to your will to clearly dictate how these assets should be distributed or managed.
Legislative Changes
Ontario estate law can change, and staying informed about these changes is important for effective estate planning. For example, the amendments to the SLRA effective January 1, 2022, as noted above, impact wills involving marriage, separation, and divorce. Regular consultation with an estate lawyer can help ensure your will remains compliant and effective.
Recommended Frequency of Review
Even without significant life changes, reviewing your will every three to five years is recommended. This periodic review helps ensure your estate plan continues to reflect your current wishes and remains in line with evolving estate laws.
Mariotti Law Group recommends updating your will if you relocate within or outside Ontario, as different provincial or international laws may impact your estate planning strategy.
Key Takeaways
Regularly review your will every three to five years.
Update your will following major life events like marriage, divorce, or the birth of a child.
Respond promptly to significant financial changes or new asset acquisitions.
Stay informed about changes to Ontario estate law through regular consultations with your lawyer.
Ensure Your Will Reflects Your Current Wishes
An up-to-date will ensures your estate is distributed according to your wishes, providing clarity and protection to your loved ones. If your life circumstances have changed or if it has been several years since your last review, Mariotti Law Group can provide the expert guidance you need.
Still have questions about when and how to update your will in Ontario? Contact Mariotti Law Group today to schedule your personalized consultation with our experienced estate planning lawyers.
Disclaimer: This article is for informational purposes only and does not constitute legal advice or create a solicitor-client relationship. For personalized advice, please consult Mariotti Law Group directly.