Importance of Reviewing Your Will with Help of Toronto Estate Lawyer
Once you have created your will and you have finalized your estate plan with your Toronto estate lawyer, do you think that this is already enough for you? You have to remember that planning your will may have been done years ago and so many things can change in just a year. How sure are you that the things you have written in your will back then is still applicable at present time?
You need to contact the estate lawyer in Toronto again for some of the changes that you are going to do. If you would pass on without making all the necessary changes, the documents may be just that – a document that will be considered null and void by the state. One reason why it may not be honored anymore is because the facts that were true when you wrote it cannot be considered facts now. Perhaps your assets have grown or your assets have depleted over the years. There may still be other changes. The key her is knowing how you can change it appropriately so that it is always updated and ready.
One reason why your will needs to be amended is possible issues with your spouse. Your spouse may be one of the first people that you will mention in your will. In a lot of cases, people leave almost half of their assets with their spouse while the other 50% will be distributed to other people. Yet, if your spouse passes away and you have included your spouse in your will, this would need to be changed immediately. It can also be different if you have gotten a divorce. You do not want an ex to get more than half of what you currently own.
There may be some properties that you have listed as your assets that cannot be used anymore because you have sold those properties or you have already given the property away. If you would not remove this from your will, the whole will may be questioned and it may become forfeited. To stop this from happening, make the important changes before it is too late.
Some of the people that you have listed in your will before may not be capable of getting the assets that you are supposed to give them. Perhaps you have listed a long lost cousin as one of the people who will be acquiring money or a property when you pass on but recently, this long lost cousin has become drug dependent and is already in rehabilitation. There are some people in rehab who stay there for a long time because they cannot handle going back to the real world on their own. Seek the help of Plan Your Will so that making changes will be easier.
Another reason why you may want to change your will is due to your own retirement. Perhaps you are planning to give your company to all of your children but you have already retired and you have already chosen your successor. Not changing this in your will may cause issues among your family members in the long run. Avoid the confusion and the conflict by letting estate lawyers in Toronto help you in improving your will.