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Reviewing Your Will - Why You Should Do It

Have you assumed that creating a will is a onetime big time event wherein you can make one and you can expect that it will last for your whole lifetime? This is not always the case. When you are in your 40’s, you can already create your own will because you do not know what the future holds. Contrary to what you may think however, creating a will does not mean that you will only write down your last wishes on a piece of paper. Rather, you need to get in touch with PlanYourWill Toronto so that they can be legal and binding.

What are the main reasons why you need to have a will ready just in case? The first reason may be because you would like to protect your family. You know that your family will be devastated by the loss. It can be even harder for them if they would still be in charge of fixing your will because you never got around to doing it. Another reason may be because you want to be prepared no matter what your current health condition is. There are still other reasons that you may have and it is already normal that your reasons will vary but once you have already created your will, you are recommended to review it every 5 years so that you can change it, if ever.

You still need the help of Toronto estate lawyers whenever you are going to make some changes with your will. Here are just a few of the reasons why you need to check your will from time to time:

  • You have gotten a divorce. It is already normal that if you are married, your spouse is going to be a part of your will. In fact, it is your spouse that may get the most amount of money out of this. If you have already split up with your spouse, you need to remove the person out of the will otherwise, your ex - spouse will also get a share of the estate that you will leave behind. 
  • Some laws have been changed. Depending on where you live, there are some laws regarding the division of properties. There are also some rules that you have to follow. If ever there are some changes, you would like to make sure that you are still following the law and you can only do this if you would change your will with the help of Toronto Will and Estate planning lawyer. 
  • The person who is supposed to get a huge portion of your will has died. This is the case sometimes. You may assume that you are the first person who is going to leave all of your loved ones behind but because of different circumstances, some of the people that you have listed on your will may pass on first. The will may be worthless if you would not update it. 
  • There are some changes with your material wealth. Whether you have more wealth now or your wealth has dwindled over the years, you need to make sure that the amounts that you have listed on your will are always updated.

With all of the reasons mentioned above, don’t you think you should contact your estate lawyer in Toronto now?
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