Keeping your will up to date is essential to ensure your legacy is distributed exactly as you intend. Life is full of changes, from adding new members to your family to significant financial shifts. Yet, many people forget to regularly review and revise their will to reflect these events.

Failing to update your will can have far-reaching consequences, including potential disputes or the incorrect distribution of your assets. This guide will walk you through when and how to update your will in Ontario, helping you make informed decisions for your estate planning.

Why Updating Your Will is Necessary

A will isn’t a “set it and forget it” document. Life evolves, and so do your circumstances. Here’s why keeping your will current matters:

Reflect Life Changes

Significant events like marriage, divorce, or the birth of children can leave outdated wills unable to reflect your true intentions. Failing to update your will could mean your assets don’t go to the people you want or need them to.

Prevent Disputes

Without proper updates, beneficiaries may face confusion or disagreements over your wishes. This can lead to costly legal battles or strained family relationships.

Comply with Ontario Laws

Wills must align with current regulations. An outdated will may not meet the latest legal requirements, resulting in delays or complications during the probate process. Lack of compliance can result in your wishes not being honoured as intended.

Key Life Events That Could Impact Your Will

Certain life events should prompt you to review and revise your will.

Marriage or Divorce

Marriage in Ontario voids any existing will, unless the will states it was made in contemplation of marriage. Without an update, your assets may automatically follow Ontario’s intestacy rules.
Divorce, on the other hand, does not completely cancel a will. However, it does remove bequests or executor appointments concerning the ex-spouse. Without replacing these, gaps in your estate plan may occur.

Adding or Removing Beneficiaries

Welcoming a new child or grandchild? Updating your will ensures they’re accounted for.
Conversely, you may wish to remove someone, such as a former friend or estranged relative.

Changes in Assets

Acquired a new property? Bought a business? Wealth changes mean your assets may not be reflected accurately in your current will.
Failing to include significant investments could result in your assets being mishandled or even going entirely unclaimed.

Appointing Executors

The people trusted to manage your will, known as executors, may no longer be suitable. Health issues, outdated location details, or passing away could make updates necessary to assign someone else capable of the role.

How to Update Your Will in Ontario

Revising a will might sound complicated, but when done correctly, it ensures your estate plan is solid and legally binding.

1. Creating a Codicil

A codicil is a legal document that allows you to make minor adjustments to an existing will without having to rewrite the entire document. This option suits small amendments, like adding a new asset or updating an executor. But codicils can cause confusion if overused, so stick to basic revisions when using this method.

2. Rewriting Your Will

For significant changes, like adding or removing beneficiaries or completely restructuring asset distribution, it’s best to draft a new will.

When rewriting, revoke the old will by explicitly stating its invalidation in the new document to ensure only the updated version applies.
Be clear about your intentions to minimize confusion during probate.

3. Seek Professional Advice

Ontario has specific legal requirements for wills, including the requirement of two witnesses who are not beneficiaries of the will. DIY updates carry risks of incorrect execution or non-compliance, which could make your will invalid. Consulting an experienced estate lawyer guarantees it’s done right.

4. Store and Communicate Updates

Store your will securely, whether in a safe or with your estate lawyer. Share the location with your executors and ensure they have access when needed.

Common Mistakes to Avoid

While updating your will is relatively straightforward, there are common pitfalls to avoid.

Forgetting to Notify Relevant Parties

Inform executors of changes to their role so they’re aware of their responsibilities.
Notify beneficiaries of updates, particularly if it significantly affects their inheritance.

Attempting DIY Revisions Without Guidance

Handwritten or improperly formatted changes may render your will invalid. Always involve legal professionals to avoid errors.

Keeping Old Versions

Destroy previous versions of your will once the new one is finalized to avoid conflicting documents.

Secure Your Legacy with Confidence

Updating your will in Ontario ensures that your wishes are honoured, your estate reflects life’s changes, and your loved ones are protected. Proactively reviewing your will minimizes stress for your family and avoids unnecessary legal hurdles in the future. Estate planning isn’t just about today; it’s about safeguarding your legacy for tomorrow.

Need expert guidance to navigate the process of updating your will? Contact Lamprey Law today to get started with your will revision!