We are frequently asked about the best time to create a Will or when it’s necessary to update an existing one. A Will is a legally binding document that outlines a person’s (the testator’s) wishes regarding the distribution of their assets and other matters after their death.
Once your Will is created, it’s important to review it whenever significant changes occur in your life. These changes could include the birth or death of family members, marriage or divorce, the death of a guardian, executor, or trustee, major changes to your assets (such as receiving or giving gifts or loans), alterations in your liabilities, or shifts in tax laws. Even if you don’t think any of these changes have happened, it’s still a good idea to periodically review your Will to ensure it remains accurate.
While all these life events are important triggers for reviewing your Will, changes in marital status carry particular weight when it comes to its validity. For example, if you’ve recently divorced, contrary to common belief, your entire Will isn’t automatically void—only the gifts left to your ex-spouse will be invalidated. However, depending on which gifts are voided, your estate might not be distributed as you originally intended. If this situation applies to you, it’s crucial to consult with a lawyer and determine whether you need to draft a new Will.
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)-448-2637 or by email to info@touchstone.law