Estate plans should be updated regularly
Estate plans should be updated whenever a major life event such as a birth, marriage, or divorce takes place.
Estate plans are very important when it comes to estate management and estate administration. Many people delay making an estate plan or planning for the distribution of their wealth indefinitely. Thinking about one’s eventual demise is uncomfortable.
This is even more uncomfortable in times of joy, such as a wedding, the birth of a child, or the marriage of a child. In reality these are major life events that should trigger the updating of your estate plan.
Many drafting lawyers offer reduced fees for alterations in a will, once you already have your will initially drafted with them. Some estate lawyers may even contact clients every five years to remind them to update. Failure to do this may lead to costly estate litigation later and the depletion of the estate’s assets. If a will is not prepared correctly, will interpretation issues may arise at a later time.
Outdated estate plans can lead to litigation
In addition, the forgotten change to a beneficiary of a registered savings plan, insurance policy, or retirement plan is often a cause of estate litigation later. It is convenient to update your estate plan if you have kept an inventory of bank accounts, digital assets, RRSPs, TFSAs, and other plans and policies. There are many instances when an outdated estate plan may have disastrous consequences.
For example, if a person remarries but fails to change the beneficiary in a work retirement plan, the ex-spouse may stand to receive any monetary benefits after the death of a testator. Marriage also revokes an existing will in Ontario unless the will was made in contemplation of the marriage. Charles Ticker, a Toronto estate litigation lawyer has experience with claims arising from out of date estate plans and he can inform you of your rights. Knowledge and experience in estate law are crucial when preparing or updating an estate plan.
Charles has written many blog entries on cases where estate litigation flows from inadequate or outdated estate plans. Some of the stories can be found on his Advocate Daily page and on his blog, The Sibling Fight. Indeed, it is important not to neglect succession planning as a person gets older. Estate litigation lawyers can assist you whenever you need to prepare or update your estate plan.
The information on this website is not legal advice. It is for informative purposes only. Contacting us through the website, email, or telephone does not mean you have retained a lawyer. To book a consultation, call: 1-866-677-7746.