If it has been a while since you reviewed your will, Power of Attorney, or Representation Agreement, here are some signs that it is time to consider updating them.
1. Your Family Situation Has Changed
BC’s Wills, Estates and Succession Act (WESA) governs what happens to your estate, and major family changes can significantly impact how your will operates.
You may need an update if you have experienced:
- A marriage or remarriage
- A separation (even if you’re still legally married)
- A divorce
- The birth of a grandchild
- A spouse or family member’s passing
- A change in a child’s or beneficiary’s circumstances
- A shift in a family relationship that affects trust or responsibility
Note that separation may not automatically revoke your spouse’s rights under your will. If you’re separated but have not updated your estate plan, your former partner may still inherit your estate.
2. Your Executor or Attorney Is No Longer the Right Choice
In BC, your executor and the people you name in your Power of Attorney or Representation Agreement play a critical role in your health, legal, and financial decisions.
It could be time to update your documents if:
- Your chosen executor or attorney has moved, passed away, or is no longer capable
- You now have someone more suitable
- You originally named a spouse from whom you are now separated
- Your chosen attorney is aging and may not be able to act when needed
Choosing the right person is one of the most important parts of estate planning so it is crucial to review these roles every few years.
3. Your Financial or Property Situation Has Changed
Changes to your assets often mean your estate plan needs to shift as well.
Consider updating your plan if you have:
- Bought or sold a home or recreational property
- Added or removed investments
- Sold or closed a business
- Received an inheritance
- Made significant gifts to family
- Gained (or lost) financial assets
In BC, property ownership structure matters. For example, joint tenancy vs. tenancy in common can dramatically affect what passes through your estate.
4. Your Health Has Changed
A new diagnosis or change in health often means your personal planning documents need to be reviewed.
BC seniors should ensure that their:
- Representation Agreement is still appropriate
- Power of Attorney covers finances and legal matters
If your health needs have changed, updating these documents ensures that your care preferences and decision-makers are clear.
5. Your Beneficiaries’ Needs Have Evolved
It is possible that your beneficiaries’ circumstances may have changed since you created your original plan. It may be time to revise your will if:
- A beneficiary struggles with addiction or debt
- Someone has developed health issues or disabilities
- A child or grandchild now needs a trust
- You want to support education, housing, or specific goals
- You wish to remove or add beneficiaries
BC’s trust laws allow you to customize how and when beneficiaries receive funds, an important tool for evolving family needs.
6. Your Documents Are More Than 5 Years Old
In BC, estate planning laws and practices evolve. Even if your life situation hasn’t changed, a periodic review is wise.
For example, the following can change:
- Updates to WESA (Wills, Estates and Succession Act)
- Changes to Power of Attorney or Representation Agreement rules
- Shifts in tax laws affecting estate planning strategies
- New approaches to digital assets and online accounts
A review every three to five years ensures your documents remain current and effective.
7. You Don’t Remember the Details of Your Plan
If you can’t confidently recall the following then it is time to update your documents:
- Who your executor is
- What your will actually states
- Who inherits your home or key assets
- Whether your Power of Attorney or Representation Agreement is valid
- Where your documents are stored
Clear, well-organized documents are essential for your loved ones and decision-makers.
Conclusion
Keeping your estate plan up to date is one of the best and most meaningful ways to protect your wishes and prevent unnecessary stress for your loved ones. By reviewing your will and personal planning documents regularly, and ensuring they reflect your current relationships, health, and financial circumstances, you help safeguard your intentions and make things easier for the people you trust.
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Disclaimer: This blog post is for informational purposes only and should not be construed as financial or legal advice. Consult with qualified professionals to create a personalized estate plan suitable for your specific circumstances.
