When Should You Consider Updating Your Will? Why You Shouldn’t Do It Yourself

Having a will is an essential part of ensuring that your wishes are carried out after your death. However, creating a will is not a one-time task. Life circumstances change, and with those changes, it’s crucial to keep your estate plan up to date. In this post, we’ll explore when you should consider updating your will in Alberta, how the process works, and why it’s always a good idea to consult a legal professional instead of doing it yourself.

When Should You Update Your Will?

Your will should be a reflection of your current life situation. There are several key life events and changes in circumstances that should prompt you to update your will. Some of the most common include:

1. Marriage or Divorce: In Alberta, getting married does not automatically invalidate your will. However, it is still a good idea to update it to reflect your new marital status. Divorce, on the other hand, can have a direct impact on your will, as Alberta law automatically revokes any provisions made for an ex-spouse unless you explicitly state otherwise.

2. Birth of a Child or Grandchild: If you’ve recently had a child or grandchild, you’ll want to ensure they are included in your will, especially if you intend to name guardians or set up trusts for them.

3. Death of a Beneficiary: If someone named in your will has passed away, you will need to make changes to your will to ensure that your assets are distributed according to your wishes.

4. Significant Changes in Assets or Debts: If your financial situation has changed drastically, such as acquiring a major asset (e.g., a new property or business), or taking on significant debt, updating your estate plan is crucial.

5. Moving to Alberta from Another Province or Country: Estate laws vary by jurisdiction. If you’ve recently moved to Alberta, you should ensure your will complies with Alberta laws.

6. Changes in Relationships: Relationships can change, and those changes can have legal implications. You may wish to update your will if your relationship with someone named in it has significantly improved or deteriorated.

7. A Long Period of Time Has Passed: Even if none of the above life events have occurred, it’s a good idea to review your will every 3-5 years to ensure that it still accurately reflects your wishes and any changes in the law.

How Updating Your Will Works in Alberta

In Alberta, there are two main ways to update your will:

1. Codicil: A codicil is an official amendment to your existing will. It allows you to make changes without the need to rewrite the entire document. This option is suitable for minor updates, such as changing a beneficiary or executor.

2. Creating a New Will: If you’re making major changes or if several changes are needed, it’s often best to create a new will. When you do this, be sure to explicitly state that the new will revokes all previous wills to avoid confusion.

In both cases, it’s essential that the updated will or codicil complies with the legal formalities required under Alberta law. This means it must be signed in the presence of two witnesses who are not beneficiaries, among other requirements.

Why You Shouldn’t Update Your Will Yourself

It can be tempting to update your will on your own, especially with the availability of online templates. However, this can lead to unintended consequences, especially in a jurisdiction like Alberta, where estate law has specific requirements. Here are a few reasons why you should always consult a lawyer:

1. Legal Mistakes: Even a small mistake, such as an improperly signed document or unclear language, can render your will invalid or create confusion, leading to costly disputes or delays during probate.

2. Changing Laws: Estate law can change over time, and what was once valid may no longer be acceptable. A lawyer ensures that your will complies with current laws in Alberta.

3. Complex Circumstances: If you have a blended family, own a business, or have complex financial arrangements, a simple DIY will may not adequately address all the intricacies of your estate.

4. Ensuring Your Wishes Are Honoured: A lawyer can provide you with options you may not have considered, such as trusts or specific clauses to prevent future challenges to your will, ensuring that your wishes are carried out exactly as you intend.

5. Avoiding Disputes: Wills that aren’t professionally prepared are more likely to be contested by family members, potentially leading to costly legal battles that could erode your estate.

Conclusion

Updating your will is a necessary step to ensure your estate plan remains current and reflects your wishes. Whether due to a life change, a significant event, or simply the passage of time, don’t overlook the importance of keeping your will up to date. However, when it comes to making changes, we recommend consulting with a legal professional. At Jaswal Law, we specialize in estate planning and can guide you through the process to ensure your will complies with Alberta law and is tailored to your unique situation. Contact us today to get started on updating your estate plan.