How Often Should a Will or Living Trust Be Updated?

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How Often Should a Will or Living Trust Be Updated?

If you are among the few Canadians that has an actual will or living trust, it can be difficult to convince some people to sit down and review this important document at least once every five years and whenever there are certain important life changes. To help you decide if now would be a good time to review your will with a qualified wills and estate lawyer in Toronto, ask yourself if one or more of the following have occurred since you initial wrote the will or living trust:

  • Are there any beneficiaries who have passed away?How Often Should a Will or Living Trust Be Updated?
  • Has your relationship status changed where you have gotten married, divorced, or remarried?
  • Have you become a parent or grandparent?
  • Has there been a birth of a new child recently?
  • Has your circle of close friends and relatives changed?
  • Are there any individuals you would like to add or remove?
  • Has there been any significant changes in your finances?
  • Have you experienced a “windfall,” like an inheritance or salary increase?
  • Have you sold or purchased property?
  • Have you invested in new assets?
  • Are there assets you have sold and no longer have?
  • Have you started providing monetary support for a disabled sibling or an aged parent?
  • Have there been any changes to the law? For instance, the amount of money you could transfer to a beneficiary tax-free could have changed since you originally wrote your will or living trust.
  • Have you been recently diagnosed with a terminal or chronic medical conditions?
  • Has your spouse or partner passed away since you originally wrote your will or living trust?

To schedule a review of your will or living trust, contact the will and estate planning experts at the Law Offices of Stephen Offenheim by calling 1 (416) 863-1300 today! Most of our clients are surprised by how easy and quick it is to review, update and make any necessary changes to their wills or living trusts.

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200 University Avenue, Toronto, Ontario, M5H 3C6 | +1(416) 863-1300

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