5 Material Changes – Is it Time to Review Your Legal Documents?
Material Changes
- Birth in the family – Any additional children/grandchildren to include or consider?
- Death in the family – Review your beneficiaries and/or possibly change your executor, power of attorney, guardian, or trustee
- Change in marital status – Be it a first marriage, second marriage or divorce, how does this impact the distribution of assets?
- Change in financial situation – Have you bought or sold a property or business? Have you received an inheritance?
- Relocation – Depending on where you now reside, provinces or countries may have different estate laws
Change in Legislation
Speak with a lawyer to see if any changes in legislation have impacted your estate plan (Example: In 2022, Bill 245 was introduced in Ontario)
Final Tip
Now that your documents are up to date, do your loved ones know where to find them?