The beginning of a new year is the time to reevaluate some things in life, and it’s usually the time people look at their finances. Experts say that it might also be the best time for Ontario residents to either review the estate planning documents they already have in place or to begin to fashion an estate plan. An important aspect of a well-rounded financial plan typically should include a will.
Regular updates
Instead of writing a will, a power of attorney, an advanced health care directive or other important documents and leave them collecting dust in some file cabinet, testators should pull them out every so often to go over them and make any necessary adjustments. Doing this could save a testator from having to nearly rewrite the will if it hadn’t been reviewed for years. This is especially true once an individual’s life changes in some way through marriage, divorce or the arrival of children, among others.
Peace of mind
Even if estate planning documents are reviewed every three to five years, it could give a testator peace of mind making sure no changes are needed or discovering that there are warranted changes that could easily be made. It is best if changes are needed to have the will redrafted and signed to make sure everything is legal and so there are no conflicts once the testator has died. Adding changes in handwriting to an existing will is not always the best idea.
A testator’s wishes may change over the years. That, too, means an estate plan would need updating. Estate planning doesn’t have to be difficult, and when properly handled and kept up to date, it can make the life of loved ones easier after a testator’s passing. An experienced lawyer can provide help and support to ensure one’s will is fully updated and legally binding.
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