When Do I Need to Review My Will & Estate Plan?
Life is ever-changing, and it’s crucial to highlight certain life circumstances that necessitate a review of your existing estate plan. Many individuals are often unaware of these significant factors:
1. When you have married
When you get married after creating your Will, your Will becomes void as marriage nullifies it unless specific provisions are made in the will to address this issue. Thus, if you have tied the knot since executing your Will, it is no longer valid.
2. When you have divorced
Divorce in Nova Scotia does not invalidate your Will entirely. Nevertheless, it does revoke any gifts or provisions in your Will that were intended for your former spouse and it does revoke your former spouse’s right to act as your executor–unless specific provisions are made in your will to address this issue.
3. When there has been a death of an executor or beneficiary
If either your executor or one or more of your beneficiaries has passed away, it is essential to review your Will to confirm that you still have both a primary and alternate executor. Additionally, ensure that you have designated primary and alternate beneficiaries for your entire estate. Having a review with an estate lawyer in Halifax after someone in your Will has passed away will help ensure your Will remains up-to-date and reflects your current intentions.
4. When you have purchased a new home or had a change in asset structure
Every time you acquire a new asset, such as a home, life insurance policy, RRSP, or any other investment, it is essential to assess whether your estate plan requires any adjustments. The need for changes will depend on your specific circumstances, and we are more than happy to have a discussion with you to understand your situation better and provide appropriate guidance. Our real estate lawyer always recommends creating a Will to protect your purchase.
5. When you have moved
As discussed in our blog Moving within Canada – Do you need a new Will?, there are some differences between provinces and territories in regards to estate law. These differences could change the validity of your Will.
6. When you have had a significant change in financial status
If the value of your estate is substantial enough to leave a bequest exceeding $500,000.00 to your spouse or children, we highly advise incorporating tax planning into the preparation of your Will. If your estate has grown since your initial planning, and now exceeds this amount, it would be beneficial to have a detailed discussion about this matter. We offer a flat fee Advanced Estate Planning package for high value estate plans.
Brookshire Law Office, your Wills & estate planning partners
Brookshire Law Office provides a comprehensive range of Will and estate planning services tailored to your needs. You can choose to create a Will, a living Will (also known as a personal directive), a power of attorney, or opt for a complete package that includes all three essential documents at $725 plus HST and expenses. Couples can take advantage of the package at a discounted rate of $1095 plus HST and expenses.
For clients with larger estates, especially those approaching or exceeding half a million dollars, we offer specialized advanced estate planning services. Our high-value estate planning brings together a team of experts equipped with the knowledge to help safeguard your estate from unnecessary taxes and ensure a secure future for your assets.
Contact us today to book a consultation.
The above is provided for informational purposes only and does not constitute legal advice — contact a lawyer to discuss your personal circumstances and learn your options.
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