Creating or updating a Will is one of the most important steps you can take to ensure your wishes are carried out after you’re gone. At Carter Notary, we help clients in British Columbia navigate this essential task with ease and clarity. While there are many reasons to create or update a Will, here are the top seven reasons we’ve found most common among our clients.
1. Change in Marital Status
One of the most common reasons for creating or changing a Will is a change in marital status. Whether you’re getting married, separated, or divorced, it’s essential to review your Will to ensure it reflects your current wishes. After a marriage, you might want to include your spouse as a beneficiary, and after a separation or divorce, you may need to remove or change their role in your estate plans.
2. Adding a Child to the Family
When you welcome a new child or grandchild into your family—whether by birth or adoption—updating your Will becomes crucial. You may want to make sure they receive financial care by naming them as beneficiaries or assigning guardianship to a trusted family member or friend. It’s essential to ensure your Will reflects the love and responsibility you feel toward the newest members of your family.
3. Acquisition of Significant Assets
Purchasing property, receiving an inheritance, or experiencing a major financial change is another key reason to update your Will. New assets may alter the way you want your estate distributed. By including specific provisions in your Will, you can ensure that these new assets are properly handled and passed on to the right people after your passing.
4. Starting a Business
Business owners need to consider the future of their enterprise when creating or updating a Will. If you’ve started a business or become a partner in one, it’s essential to include plans for what will happen to your share of the business. Who will manage it? Will it be passed on to a family member, sold, or dissolved? Planning for your business’s future ensures stability for those involved after you’re gone.
5. Retirement
As you approach retirement, the thought of how to distribute the assets you’ve worked hard to accumulate naturally comes to the forefront. As individuals approach retirement, they often update their Will, particularly if their financial situation has changed or if they desire to change the distribution of assets among beneficiaries. Retirement is a significant milestone and a great time to plan for your legacy.
6. Health Changes
Serious or terminal illnesses can prompt a reevaluation of your financial landscape. If you’ve recently received a medical diagnosis or if your health has changed in any significant way, revisiting your Will is a prudent step. This ensures your estate plans reflect your current situation, including any healthcare directives or financial decisions that may need to be made.
7. Moving to or From a Different Province or Country
Laws regarding estate planning can vary greatly between provinces and countries. If you’ve recently moved, it’s important to update your Will to ensure it complies with local regulations. This will prevent potential legal issues for your beneficiaries and help ensure your wishes are carried out according to the laws of your new location.
At Carter Notary, we believe that creating or updating a Will can feel like an overwhelming task. But we are here to partner with you, answering any and all questions without judgment. By taking the time to ensure your Will is up to date, you can rest assured knowing that your wishes will be honoured.
Ready to take the next step? Book an appointment on our website today to get started!