Keeping your Will up to date is of utmost importance to ensure it reflects your current wishes. Here are some crucial situations that may necessitate changes or updates to your Will:
Marriage
When you get married, any existing Will is typically revoked unless you explicitly address your marital status and your intention for the Will to remain valid after marriage. Updating your Will ensures that your spouse is included in your estate planning.
Divorce/Separation
Divorce doesn't automatically revoke a Will, but it does affect certain instructions related to the former spouse. Updating your Will is essential to remove your ex-spouse as an heir, personal representative, or recipient of bequests if they were designated as such in the Will.
In cases of legal separation without divorce, the Will remains intact, and the separated partner continues to inherit as specified. They can also fulfill their duties as the personal representative if assigned.
Birth of a Child
Having a child doesn't automatically make them an heir in your Will. To ensure your child receives their rightful share of your estate, it's crucial to update your Will accordingly.
Significant Financial Changes
Major financial changes, such as a windfall or inheritance, may prompt you to reconsider how you want to distribute your wealth. Islamically, how your inheritance is distributed doesn't change, however, you may choose to add or remove bequests.
Other Life Changes
Changes in residency, status, or assets also warrant updates to your Will. Moving to a different province, altering the status of your heirs, or acquiring or disposing of assets should all be reflected in your estate planning.
Regularly reviewing and updating your Will ensures that it remains aligned with your current life circumstances and wishes. This proactive approach guarantees that your loved ones are provided for as you intend, regardless of life's twists and turns.
