Why Should Wills be Kept up to Date?

8 Sep 2015

Why Should Wills be Kept up to Date?

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Wills are important to specify your desires for how your property and assets will be maintained or distributed after your death. You can specify who will get what, when, and by who. So once your will is completed why change it or have it fixed?

Creating a will seems expensive and so many people may have little desire to change a will. Often, it can also feel morbid to discuss life for your family without you in it. Nonetheless it is important to do so. However, having a will that hasn’t been updated and doesn’t meet your current desires can harm your family more than it will help them.

In the case of a will that existed before a divorce, certain sections of the will, if not all of it, may still be held accountable. For example, if you have a will that has your ex-wife as a beneficiary but not your now common-law spouse, your current spouse may be refused access to your estate and assets. So imagine if your dependent spouse no longer has you, your home, or any of your assets to rely on and is left penniless and homeless all because the will you had was outdated. You will leave your spouse with misfortune and in financial distress.

If you come to realize that a beneficiary or the executor of the will becomes untrustworthy and you no longer desire them in the will you should change your will immediately. Circumstances change and a will has legal standing that can change your family’s life, so you should keep it updated, this will prevent your family from entering into future legal proceedings, financial difficulties, and hardships.

It is hard enough to lose someone you love, don’t make it any harder for your family.

Don’t Neglect Your Child: Protect Your Child With Your Will

Have you ever thought about what might happen to your children if anything were to happen to you and your spouse? Who would take care of your children? How would your children be provided for?

If you have a will written you can protect your children from these uncertainties. In your will you can specify who you want as the guardian or guardians of your child. You can dictate how you want your finances distributed to help this guardian care for your child. Support can be specified for when your child is an adult so that you can continue to support your children into adulthood.

“But what will happen to my children if I don’t have a will?” If you don’t have a will and there is no spouse to care for your children, the Ministry of Children and Families come and collect your children and attempt to appoint a guardian for them. This could mean that if you have more than one child they might be separated. Also this does not mean that a family member will be appointed as the guardian of your child. But if a family member is appointed they could abuse this position considering that they have financial responsibility over your child and your estate which your child inherits. Imagine the trauma your child will suffer after losing you and being displaced from their home and lifestyle because you failed to protect them by having a will written in case of your death.

In your will you can specify how you want your children raised so that the transition can be smoother for them. You can ensure that your children will have stable and happy lives. Make the proper provisions for your child’s future. Be safe and smart. Write a will to protect you and your children.

Disclaimer:
This information is for general information purposes only and does not constitute legal advice and should not be relied upon or used as such. You should not take or fail to take any action based on this information without obtaining the advice of professional legal counsel. Please refer to our Terms of Use

Valeria Buzaker

Valeria Buzaker

As the founder of Buzaker Law Firm Professional Corporation, Valeria Buzaker is a member of the Law Society of Upper Canada and has been called to the bar in both Ontario and Israel.Her international training allows her to bring significant knowledge of the law as well as skill gained through years of real practice in two different countries.
Valeria Buzaker

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Why Should Wills be Kept up to Date?

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