Although many people think of estate planning and the drafting of a will as steps to take later in life, it’s important to begin planning early. There is no telling what the future holds, and there is great value in the peace of mind that comes from working with wills lawyers in Edmonton to plan for a more secure future for your loved ones. However, writing a will is not an event that occurs once and then remains a static document forever.

In fact, you should periodically revisit your will with estate lawyers in Edmonton as your life changes. Certain events may prompt you to reconsider previous decisions, or new developments may require changes, updates, or additions to your will. Failing to update your will on time could result in an estate plan that no longer aligns with your wishes or the realities of your family’s future. Here are some major life events that should have you reviewing your will with fresh eyes.

Getting Married

Marriage is one of the most common events to change the calculus behind a will. Previously, your will may have accounted only for other family or for how to dispose of your estate. In marriage, many partners hope to ensure their spouse can remain in a stable position upon your passing. Marriage often means changes to how you plan and distribute your estate. Ensure your will can properly provide for your spouse in the future.

Furthermore, the law requires you to ensure that you have adequately provided for your spouse or common-law partner in your will. If you fail to do so, your spouse or common-law partner can make a claim for family maintenance and support against your estate, which tends to increase legal fees and embroil your family members in complex litigation. It is important to speak to a wills and estates lawyer in Edmonton to prevent claims being made against your estate.

Getting Divorced

Similarly, a divorce will likely change how much you want to distribute from your estate and/or how you want your ex-spouse to be included in the will, if at all. If you get divorced, it’s time to update your will. You may not wish to make any changes, or you may hope to make some alterations to reduce or modify how much your ex-spouse receives. Ensure your estate passes into the hands of someone you trust and wish to involve in the process.

The Birth of a Child

The introduction of children into a family should always trigger a review of your will. There is now an additional individual to consider providing and caring for in the event of your passing. Reviewing your will can help you determine how and when your child will receive a portion of the estate. In your will, you can also designate a guardian for your child in the event that you pass away while your child is still a minor. As a family grows, it’s vital to revisit the will regularly to ensure everyone is properly accounted for in the document.

Buying a Home or Real Estate

Real property can complicate estates and make distribution more challenging, or even fraught with the possibility of family conflict. Who will receive the real estate if you pass? How will you divide the assets among your family members if there is more than one property in your possession? Planning for this outcome now can help you prevent acrimony and disputes in the future when your will clearly defines how to dispose of real estate assets.

Starting a Business

Remember, your business assets will form a portion of your eventual estate, too. If you pass away, who will gain control of the business? What happens to your interests or stake in the company, and what will the impact be on your family? Working with wills lawyers in Edmonton can clear the path to a prudent, well-planned document that reduces much of the stress of dealing with business assets in an estate.

Find Help Reviewing and Updating Your Will Today

At Lypkie Henderson, our estate lawyers in Edmonton are ready to help you throughout every stage of life as you plan for an estate that aligns with your wishes. When major life events occur, from marriage and births to the growth of a business, make the time to revisit your will and ensure that it still aligns with your wishes. When it does not, making alterations now can restore your peace of mind and provide protection for the future. Connect with us today to learn more.