Articles
Start 2025 Right: Why Your Will Needs a Review
Author: Philippe Richer
As we embrace the fresh start of 2025, many of us are setting goals and making plans for the year ahead. While updating your will might not be at the top of your New Year’s resolution list, it’s one of the most important things you can do to protect your family’s future.
Life moves quickly, and significant changes can happen before we realize it. Maybe you welcomed a new grandchild last year, or perhaps your children have finally moved out and started their own families. These life events can have a major impact on how you want your assets distributed.
Think about what’s changed in your life since you last reviewed your will. Did you buy or sell property? Has your relationship status changed? Have you started or sold a business? Each of these events should trigger a review of your will to ensure it still reflects your wishes.
Even if nothing major has changed in your life, Canadian laws and regulations evolve. What worked in your will a few years ago might not provide the same protections or tax advantages today. A review can help ensure your will still accomplishes what you intend.
Here are some key moments that should prompt a will review:
Your personal life has changed:
- Marriage, separation, or divorce
- Birth or adoption of children or grandchildren
- Death of a family member
- Changes in relationships with beneficiaries
Your financial situation has shifted:
- Purchase or sale of significant assets
- Starting, buying, or selling a business
- Receiving an inheritance
- Major changes in your investment portfolio
Don’t wait for a crisis to review your will. Taking time now to ensure your wishes are properly documented can save your loved ones from unnecessary stress and potential conflicts later. A proper review involves more than just reading through your existing will – it’s about understanding how recent changes in your life might affect your legacy plans.
Ready to start 2025 with peace of mind? Contact TLR Law for a comprehensive will review. We’ll help ensure your will continues to protect what matters most to you.
