10 Life Events That You Should Update Your Will For: Key Situations Requiring Estate Plan Revisions
Life changes often bring new responsibilities, relationships, and financial realities. Each shift can affect how your estate should be managed after your passing. Updating your will ensures your wishes stay accurate and that those you care about are protected according to your current circumstances.
You may not think about your will often, but major life events can make your existing plan outdated. As you move through milestones such as marriage, separation, parenthood, or financial changes, keeping your will current helps prevent confusion and legal challenges later. This article explains when and why you should revisit your will to keep it aligned with your life today.
1) Marriage or entering into a common-law relationship
When you get married or enter a common-law relationship, your legal and financial situation changes. In many provinces, marriage can automatically revoke a previous will unless it was made in contemplation of marriage. This means your old will may no longer be valid once you are legally married.
If you are in a common-law relationship, your partner does not have the same automatic inheritance rights as a spouse. You may need to update your will to ensure your partner receives what you intend. Without clear instructions, your estate could pass to other relatives under provincial law.
You should also review how your assets are owned. Marriage or a new partnership often leads to joint ownership of property or accounts. Updating your will helps align your estate plan with these changes and prevents confusion later.
2) Divorce or legal separation
When you go through a divorce or legal separation, your personal and financial situation changes. Your former spouse may still be listed as a beneficiary or executor in your will. If you do not update it, they could inherit assets or have authority over your estate against your current wishes.
You should review your will as soon as your relationship status changes. Updating your will after a separation or divorce ensures that your estate plan reflects your intentions and removes your ex-partner from responsibilities or benefits.
In Canada, divorce does not automatically revoke a will. However, a divorced spouse generally cannot benefit from your estate unless you make new arrangements. During separation, your partner may still inherit if the will is not revised.
You should also review related documents such as life insurance policies, retirement accounts, and powers of attorney. Keeping these updated helps ensure your assets go to the right people and that your estate reflects your current circumstances.
3) Birth or adoption of a child
When you welcome a new child into your family, either by birth or adoption, you should review and update your will. This ensures your child is included as a beneficiary and that your estate reflects your current wishes. Without this update, your child may not receive the inheritance you intend.
You should also appoint a guardian for your minor child in case you and the other parent are unable to care for them. Doing this in your will provides clear direction and helps avoid confusion or disputes later. It also gives you control over who will take on this important role.
Updating your will after a birth or adoption allows you to plan for your child’s financial security. You may wish to create a trust or adjust inheritance shares to meet your family’s new needs. Naming guardians and specifying inheritance shares are key steps in this process.
The Government of Canada also provides resources to help you manage important life events like welcoming a child, including financial and parental leave information. Taking time to update your will ensures your child’s future is protected.
4) Significant change in financial status
You should review your will when your financial situation changes in a major way. Events such as receiving a large inheritance, selling a business, or buying significant assets can alter how your estate should be divided. These changes may affect tax obligations and the overall value of your estate.
If you experience financial loss, such as bankruptcy or a major investment decline, your existing will might no longer reflect your current assets. Adjusting your will ensures that your beneficiaries receive what you intend based on your present financial position.
Estate lawyers note that significant financial changes are among the key reasons to update your will. Reviewing your estate plan after such events helps you maintain accuracy and avoid disputes among heirs.
It is also wise to revisit your will when your financial goals or priorities shift. For example, you may wish to add charitable donations or remove outdated bequests. Regular updates help ensure your will continues to represent your wishes and current financial reality.
5) Purchase or sale of major assets
When you buy or sell a major asset, such as a home, business, or investment property, you should review your will. These changes can affect the value and structure of your estate. Updating your will ensures your new financial situation is accurately reflected.
If you purchase a new property or business, you may want to name specific beneficiaries or clarify how the asset should be divided. Without an update, your will may not address how these assets are handled after your death.
Selling a significant asset can also change your estate’s composition. You may need to adjust how you distribute the remaining assets or revise any related tax considerations.
Estate lawyers often recommend reviewing your will after major financial changes. Events like buying or selling property are key times to ensure your estate plan remains accurate and effective.
6) Relocation to a different province or country
When you move to a new province or country, you should review your will to ensure it complies with local laws. Each province in Canada has different rules about estate planning, which may affect how your will is interpreted or enforced.
A will that is valid in one province is often recognized in another, but differences in legislation can still cause problems. For example, property laws or witness requirements may vary. Updating your will helps prevent disputes and ensures your wishes are followed in your new location.
Legal professionals recommend re‑drafting your will after moving to another province to meet local standards. Planning techniques valid in one province may not be effective in another. Similarly, provincial differences can lead to unexpected complications.
If you relocate outside Canada, you may also need a separate will for assets held abroad. As Willful explains, updating your will to reflect local legislation is best practice when moving across jurisdictions. This ensures your estate plan remains legally sound wherever you live.
7) Death of an executor or beneficiary
If your executor or a named beneficiary passes away, you need to update your will. The executor is responsible for managing your estate, so their death leaves a gap in your estate plan. Without a replacement, the court may appoint someone you did not choose.
When a beneficiary dies, the inheritance you intended for them may not transfer as you expected. You can avoid confusion by naming alternate beneficiaries or redistributing that portion of your estate. Legal professionals recommend reviewing your will after such events to ensure it still reflects your wishes.
Updating your will after the death of an executor or beneficiary helps prevent delays and legal complications. We recommend working with a professional to learn more about how to reassign inheritance and executorship responsibilities or name alternate beneficiaries to keep your estate plan accurate and enforceable.
8) Change in guardianship for minor children
If you have named guardians for your minor children in your will, you should review those choices when your circumstances change. A change in guardianship may be needed if the named guardian can no longer serve, moves away, or experiences major life changes that affect their ability to care for your children.
You have the legal right in Canada to appoint one or more people to have custody of your children and manage their property after your death. However, custody and property guardianship are separate responsibilities, and both should be clearly outlined in your will. Learn more about this distinction from Legal Line’s explanation of appointing guardians for minor children.
Updating your will ensures that your children’s care reflects your current wishes. If your children have grown older or your family structure has changed, review whether your original guardianship choices still fit your situation. Guidance on when to update guardianship documents after major life changes can help you decide when revisions are necessary.
9) Starting or closing a business
When you start or close a business, your financial situation and responsibilities change. Your will should reflect how your business assets or debts will be handled after your death. This ensures your estate plan stays aligned with your current circumstances.
If you own a business, you may need to name a successor or outline how ownership transfers. Updating your will helps avoid confusion and protects your partners, employees, and family members. Business ownership adds complexity to your estate and requires clear planning.
Closing a business also affects your estate. You may need to remove references to the business or update how any remaining assets are distributed. Keeping your will current prevents legal issues and ensures your intentions are followed.
You should review your will whenever your business status changes. Coordinating your estate plan with shareholder or succession agreements helps maintain consistency across your legal documents. Regular updates protect your interests and make sure your estate plan remains accurate.
10) Receiving an inheritance
When you receive an inheritance, your financial situation changes. This new wealth can include money, property, or other valuable assets. You should review your will to ensure it reflects how you want these assets managed and distributed.
Adding inherited property or funds to your estate plan helps prevent confusion or disputes later. It also ensures your beneficiaries receive what you intend. Changes in assets should always trigger a review of your will.
You may also need to consider tax implications or create a trust to protect the inheritance. Adding new assets or establishing a trust can help manage and preserve wealth for future generations.
Updating your will after receiving an inheritance ensures that your estate plan stays accurate and legally sound. It provides clarity for your executor and helps your loved ones avoid potential legal issues.
Why Regularly Updating Your Will Is Essential
Keeping your will current ensures that it reflects your present financial situation, family structure, and legal environment. Regular updates help you avoid legal disputes and ensure that your chosen beneficiaries receive what you intend under current laws.
Legal Implications of an Outdated Will
An outdated will can create serious legal complications. If you marry, divorce, or have children, your old will may no longer meet legal requirements. In some provinces, marriage or remarriage can automatically revoke an existing will.
You may also face issues if your will references assets you no longer own or omits new ones. Courts could interpret unclear instructions in ways that differ from your wishes. This can cause delays in estate settlement and increase legal costs.
Key risks of an outdated will:
Revocation due to marriage or divorce
Invalid or unclear asset instructions
Increased probate disputes
Higher legal and administrative fees
Reviewing your will every few years, or after major life events, helps ensure it remains valid and enforceable under current laws.
Protecting Beneficiaries’ Interests
Updating your will protects the people you care about. When your life changes—such as through marriage, the birth of a child, or acquiring new property—your will should reflect those changes. Doing so helps safeguard your assets and prevents unintended outcomes.
If your will does not name new beneficiaries or remove former ones, your estate could go to someone you no longer wish to include. This can cause emotional and financial hardship for your family.
Practical steps to protect beneficiaries:
Review your will after major life events.
Update asset lists and beneficiary names.
Consult a lawyer to ensure compliance with provincial laws.
A current will ensures that your estate plan accurately represents your intentions and provides financial security for your loved ones.
Consulting Legal Professionals During Major Life Changes
When your personal or financial situation changes, you may need professional guidance to keep your estate documents accurate and enforceable. Legal professionals help ensure your will reflects your current wishes, complies with British Columbia law, and protects your beneficiaries.
Role of Estate Lawyers in Will Updates
Estate lawyers provide legal advice tailored to your circumstances. They review your existing will, identify gaps, and recommend updates that align with your new life events, such as marriage, divorce, or the birth of a child.
A lawyer ensures your assets are distributed according to your intent and helps you avoid disputes among heirs. They also explain how changes in property ownership, taxation, or family law could affect your estate plan.
Working with a firm like Parr Business Law gives you access to experienced professionals who understand the complexities of British Columbia estate law. Our team assists with drafting, witnessing, and storing updated documents securely.
Key services estate lawyers offer:
Reviewing and revising wills and trusts
Advising on power of attorney and representation agreements
Coordinating beneficiary designations with financial institutions
Ensuring proper execution and record keeping
Ensuring Compliance with Provincial Laws
British Columbia has specific legal requirements for wills. A lawyer ensures your updates meet these standards so the document remains valid. This includes confirming proper witnessing, signatures, and language that clearly expresses your intentions.
If you make changes without legal review, your will could be challenged or deemed invalid. Estate lawyers interpret provincial legislation such as the Wills, Estates and Succession Act to ensure compliance.
Firms like Parr Business Law help you understand how local laws affect estate planning decisions. They also assist in registering documents and maintaining accurate records, which simplifies future administration.
Compliance checklist:
The Final Verdict
Updating your will after major life events is essential to keeping your estate plan accurate and effective. Regular revisions help prevent misunderstandings, ensure your beneficiaries are properly provided for, and maintain the integrity of your wishes.
For professional assistance in reviewing or updating your will, contact the attorneys at Parr Business Law. Our experienced team can help you navigate these important changes with clarity and confidence.
