Do you need to update your estate plan?

Do you need to update your estate plan?

 

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You should review your estate plan every few years, especially if you’ve had a material change in your personal circumstances. Here are 10 questions to ask yourself. If you answer “yes” to any of these questions, you’ll have to update your plan.

1. Did you marry or divorce since preparing your will? Except in B.C., Alberta and Quebec, marriage revokes an existing will, unless the will is made in contemplation of marriage. Depending on the province, divorce may or may not affect the provisions of the will. (Separation has no effect on a will.)

2. Did you have or adopt a child? If yes, you’ll want to appoint a guardian (tutor in Quebec) to act in the event the surviving parent dies, leaving a minor child or children. The appointment may be temporary. In Ontario, for example, the person appointed as guardian must apply to the court for appointment as permanent guardian within 90 days of the parent’s death. The court will ultimately select the permanent guardian based on the best interests of the child(ren). Still, the parents’ choice of guardian is a persuasive consideration.

CLICK HERE to read the full article on Advisor.ca, and the other 8 items to consider. If you have any questions or comments, please be sure to contact Harry Perler or David Olejnik.