How to Ensure Your Will Reflects Your Current Wishes

May 23, 2024 | Published by

Throughout our lives, our priorities and circumstances change, and it’s essential to consider these changes when planning for our futures. One aspect of planning for the future is updating your will to ensure that it accurately reflects your wishes and provides the best possible outcome for your family members and beneficiaries.

Why Update Your Will?

Life is unpredictable, and what you may have wanted at one point in your life may no longer align with your wishes or circumstances. Updating your will is important for several reasons, including: 

  1. Changes in Family Dynamics:  Changes in family dynamics, such as births, deaths, marriages, and divorces, can impact your estate planning wishes. Updating your will ensures that it reflects your current family situation and your wishes.
  2. Acquisition of Assets: If you acquire new assets, such as property, investments, or valuable possessions, your will should be updated to include them. This ensures that all your assets are properly accounted for and distributed according to your wishes.
  3. Changes in Financial Situation: Significant changes in your financial situation, such as receiving an inheritance, starting a business, or experiencing a significant increase or decrease in wealth, may require you to update your will. 
  4. Changes in Tax Laws: Tax laws can change over time, and updating your will allows you to take advantage of any new tax-saving opportunities.
  5. Changes in Distribution Plans: Your priorities may change over time, leading you to reconsider how you want your assets distributed. Updating your will allows you to make changes to your distribution plans based on your current wishes.
  6. Legal Requirements: Laws governing wills and estates may vary by jurisdiction and change over time. Updating your will ensures that it complies with the current legal requirements.

Regularly updating your will provides you with peace of mind, knowing that your estate plan accurately reflects your wishes. It also reduces the likelihood of disputes among family members, ensuring a smoother transition of assets after your passing. Our downtown Vancouver notary can help you with this.

Keeping your will up-to-date ensures that it remains effective and accurate, reflecting your wishes to protect your loved ones and assets. 
Contact Morris Notary to update your will to ensure it reflects your current wishes and complies with the law in case of any recent changes.