Drafting a will in Calgary is a great idea, no matter your age. Many people put this off and then they don’t have one when they pass away. This can lead to lawsuits and appeals between family members, and it can cause a lot of strife.
However, just drafting the will is not enough. You also want to make sure that it is current at all times. There are a few key points when you should update it, including the following:
— If you buy or sell a major asset: This could include a home, a vacation property, a boat or anything of this nature. This could make up a significant portion of the estate, so you don’t want the will to neglect the change.
— If you buy or sell a business: Your business could be worth even more than the rest of your estate, and your family members may be especially interested if they want to run it or just sell it and get the money out of it. This is also important to note since these transactions often take place closer to the end of a person’s life, when he or she retires.
— If you get married or divorced: Any time the makeup of your family changes, your will needs to reflect it. For instance, if you said your assets would all be left to your spouse, who could then give them to your children as he or she saw fit, you don’t want that provision to stay after a divorce.
To learn more about wills, updates or the litigation process when a will is being carried out or contested, please check out our site today.