Spring is here, and so is wedding season. While weddings are an exciting time – the promise of a new life, watching friends and family embark on new adventures – it is also a time of many changes. As couples start looking at buying properties, growing families and expanding their financial portfolios, you may want to consider your own estate and wealth.
It’s generally advised that individuals create a will, or revise a will, after major life milestones. This generally includes getting married, having children, or buying or selling properties. Divorcing and remarriage are also good opportunities to check in with your estate lawyer and make sure that your will reflects your current situation and wishes.
Estate laws are very specific on the division on property if you pass away without a will. That is why it’s important to consider what you want to do with your estate after major life milestones. Many divorced individuals neglect to update their wills after a divorce, and when the pass away, property could be left to people you did not intend to include in your will.
Property changes are also an important consideration. If you acquire new properties, or change the terms of ownership – for example, a joint tenancy or right of survivorship – that may need to be reflected in your will. According to Canada.com, there is a list of different assets and property and items that you may want to think about discussing with a legal professional before creating a will.
So, as you head into wedding season, take a few moments to reflect where you are in life. If there are important changes or milestones you have yet to account for in a will, you may want to reassess your estate and update your testamentary documents.