How do I know when it is time to review my estate planning/Will?

You can change your Will at any time. Wills should be reviewed if any of the following events occur (list not being exhaustive):

  1. Death or incapacity of executors or guardians.
  2. A desire to change executors, beneficiaries, guardians, etc.
  3. Birth of a child/adoption.
  4. A child or beneficiary becomes disabled.
  5. If you and your spouse separate, a new Will should be completed as a Separation Agreement does not revoke a bequest to a spouse in a Will.
  6. A Divorce Judgment does not revoke a bequest to a spouse and a new Will should be completed following a divorce.
  7. Re-marriage revokes your entire Will and a new Will must be completed.
  8. Change of your name or the name of anyone mentioned in the Will.
  9. Disposition of property specifically mentioned in the Will.
  10. Acquisitions of assets outside the province or business assets or a substantial increase in assets necessitating estate planning (ex. Winning the lottery).
  11. In general, your Will should be reviewed every five years with a lawyer.

As a rule of thumb, reviewing your estate plan every five (5) years is a great practice to safeguard your interests.