Many people treat signing a will as a finish line. In reality, a will is a snapshot of your life on the day you sign it. As your circumstances change, your will needs to keep pace. Here are some of the more common moments when a review is worth your time.
Marriage. Ontario once revoked a will automatically upon marriage, but that rule was repealed in 2022. Your will now remains valid, yet it may not reflect your wishes for a new spouse.
Separation or divorce. Except where a contrary intention appears, divorce removes a former spouse as a beneficiary and executor. Since 2022, separation can have the same effect under section 17 of the Succession Law Reform Act, but only in specific circumstances. If those circumstances are not met, a separated spouse may still inherit under an older will. Because these rules are technical, it is best to update your will when you separate rather than relying on them.
A growing family. The birth or adoption of a child or grandchild may call for new beneficiaries, and for guardianship wishes if your children are minors.
Changes in assets or people. Buying a home or business, receiving an inheritance, an executor who has moved out of province, or a beneficiary who passes away can all leave your will out of step.
Even without these events, reviewing your will every two to four years is a sensible habit. Updating is usually simpler than people expect, and far less costly than the confusion an outdated will can leave behind. If your life has changed since you last signed, we would be glad to help.
***This article is for general informational purposes only and does not constitute legal advice***
