Written by: Dina Nikseresht
An important part of the holiday season is taking the time to reflect on our past year and plan for our future. While estate planning may not be on everyone’s list of resolutions, it is an essential step to ensuring the security of you and your family. As the year winds down, it’s an excellent opportunity to revisit your will and estate planning documents to ensure they align with your current circumstances and wishes.
Many may have experienced significant life changes this past year that could impact their estate plan. Here are a few examples:
- Births: If you have welcomed a new child or grandchild, they may be need to be added as a beneficiary to your will.
- Marriage or Divorce: Marriage or divorce does not automatically revoke a prior will; it is important to update your will to reflect changing or new relationships.
- Changes in Financial Circumstances: If you have acquired significant assets or received an inheritance, it is important that you account for these changes in your estate plan.
- Health changes: Changes to your health or well-being may lead you to reconsider who you have appointed as your power of attorney, or the health care directives you have specified in your documents.
As we approach the New Year, there’s no better time to ensure your estate plan is in order. Having an updated estate plan can help prevent the possibility of disputes among your beneficiaries. As well, knowing that your most recent wishes and intentions have been documented and are legally enforceable gives you the peace of mind and confidence to start the new year right.
When reviewing your estate plan, consider the following checklist:
- The Will: Do the provisions of your will reflect your current circumstance and intentions?
- Beneficiary Designations: Are all beneficiary designations for your registered accounts and life insurance policies accurate and in line with your current intentions?
- Executor and Trustee: Is the person named as your executor and trustee still the right choice?
- Power of Attorney: Are the individuals named as your attorney for property and attorney for personal care still suitable for these roles?
And for those who haven’t prepared their estate planning documents, the end of the year is the perfect time to start. Having a valid will and power of attorney is important to ensure your assets are distributed according to your wishes, and that the right, trusted individuals are given authority to make decisions on your behalf when the time comes. Without these documents, your estate could be distributed according to Ontario’s laws of intestacy. Starting now means taking control of your legacy.
An estates lawyer can help you ensure that your estate planning documents accurately reflect your wishes and correctly make the necessary changes.
Wishing you a joyous holiday season and a secure future!
