Drafting a will is a crucial step in estate planning. It ensures that your assets are distributed according to your wishes after you pass away, and it also helps avoid conflicts and legal disputes among family members. However, creating a will is a continuous journey. It's important to update your will regularly to ensure that it reflects your current wishes and circumstances.

In this blog post, we will discuss the reasons why you should update your will, how often you should do it, and what to keep in mind when making changes.

Why Should You Update Your Will?

There are several reasons why you should update your will. Here are some of the most common ones:

1. Changes in Personal Circumstances

Your personal circumstances can change over time, such as getting married, divorced, having children, or acquiring new assets. In such cases, you should update your will to reflect these changes. For example, if you get married, you may want to add your spouse as a beneficiary or change the distribution of your assets.

2. Changes in Tax Laws

Tax laws are subject to change, and this can affect the distribution of your assets to your beneficiaries. For instance, if the tax laws change, it may be more beneficial to distribute your assets in a different way to minimize taxes. Updating your will can help ensure that your beneficiaries receive the maximum amount of assets possible.

3. Changes in Relationships

Relationships can also change over time. You may fall out with a family member or friend or have a falling out with a beneficiary. In such cases, you may want to update your will to reflect these changes.

How Often Should You Update Your Will?

There is no set rule for how often you should update your will. However, it's a good idea to review it every few years or whenever there is a significant change in your life. It's also a good idea to review your will after major events, such as the birth of a child or the purchase of a new property.

What to Keep in Mind When Updating Your Will?

When updating your will, there are several things to keep in mind. Here are some tips:

1. Work with a Lawyer

Updating your will can be a complex process, especially if you have many assets or beneficiaries. Working with a lawyer can help ensure that your will is updated correctly and that it reflects your wishes.

2. Be Specific

When making changes to your will, it's important to be specific about your wishes. For example, if you want to leave a specific asset to a particular beneficiary, make sure to include this in your will.

3. Keep Your Will Safe

Make sure to keep your updated will in a safe place, such as a safe deposit box or with a lawyer. Let your executor and beneficiaries know where your will is kept so that it can be easily found after you pass away.

Updating your will is an important part of estate planning. It ensures that your assets are distributed according to your wishes and that your loved ones are taken care of after you pass away. Whether it's due to changes in your personal circumstances, tax laws, or relationships, updating your will can help ensure that it reflects your current wishes. By following the tips above, you can update your will correctly and make sure that it reflects your wishes.

Start planning your legacy today by contacting HAS LLP. Our team of experts will guide you through the complex world of wills and estates law in the Greater Toronto Area and Burlington. Secure a prosperous tomorrow for your loved ones with our professional guidance.

If you have questions or need personalized assistance, we invite you to call us at (905) 332-4275.