As life changes, your estate plan will also need to change. For example, if you marry or start a family, you'll want a plan that will protect your loved ones if something happens to you. If you build up wealth, you will have to think about taxes, as well as who will inherit money or property from you.
Do I need to revisit my estate plan?
Here are some important life changes that often cause people to review and update their estate plans and wills with a lawyer:
- You marry or choose a life partner
- You are raising a family
- You get divorced
- You start, buy, or sell a business
- You reach mid-life and your peak earning years
- You retire or enter your senior years
- Your spouse or life partner dies
To learn more, click on any life event above that interests you. You'll find a short list of questions that will help you make sure your plans are up to date.
Remember: Your will and estate plan will need to change over time
Be sure to update your will whenever your financial picture or your family responsibilities change. A lawyer can help you with the important issues and create a complete and legally valid plan. This will give you extra peace of mind that you have cared for your loved ones in the best way you can.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.