Stacy Maurier, Founding lawyer of Estate Connection Law Firm is a member of the Westend Seniors Activity Centre’s, Friends of WSAC business program. Stacy has been a guest speaker here at our centre since 2017, providing educational Toonie Talks on writing Wills, Power of Attorney and Personal Care Directive documents and providing advice to help Executors when dealing with estates.
This month, she provides a guest blog post that explains why it is important to review our Wills and she provides a FREE DOWNLOAD – her Will Review Checklist that will help us to determine if it is time to update our Will!
Guest Blog Post – “Why is it important to review your Will?”
by Stacy Maurier, Founding Lawyer – Estate Connection Law Firm
Your Will is the document that specifies how your estate will be distributed upon your passing. Once it is made, it should be reviewed and updated to account for any major life changes. Many people will create a Will, store it in a safe place, and then forget about it, failing to consider that when it comes time to read the Will, it may not adequately address new or altered relationships and circumstances.
Here are three reasons why you should review your Will:
You need to appoint a new Executor:
You may find that your Executor is no longer able to act (possible due to a change in their lifestyle, relocation, growing old, etc.), or that you simply want to name a new individual (or individuals, or a trust company) to administer your estate;
You are no longer in contact with a beneficiary:
If one of your beneficiaries has passed away, it is important to update your Will to ensure that their share is allocated according to your wishes;
You got divorced:
While Alberta law provides that a legal divorce voids the gift to your former spouse in your Will, if you do want them to receive a share of your estate, it is important to confirm this in your document.
Questions about if you need to update your Will? You can find a copy of Stacy’s Will Review Checklist here on her Friends of WSAC page on our website.