When Should I Update My Estate Plan?
What is an Estate Plan?
An Estate plan deals with what you want done in the event of your disability or death. Normally, there are three documents to be prepared: your Will, a Power of Attorney, and a health care directive. The Will is the document that appoints the manager of your estate (called the Executor or Trustee) and identifies who gets your property. The Power of Attorney enables someone you trust to act in your place if you are unable to do so, either because you are away, or have been injured or have dementia. The Health Care Directive is the Power of Attorney for health decisions.
There are a couple of times in which revising your Estate plan is mandatory:
- If you’ve just gotten married, marriage automatically invalidates a previous will made before marriage.
- If you’ve been in a common law relationship for two years or more. Again, you, as a couple, are now considered “spouses” within the meaning of all Saskatchewan legislation, and you’ll need a new will.
Revising your Estate Plan is not mandatory, but is highly recommended when:
- You become separated from your partner
- One of your Executors dies or becomes incapacitated.
- One of your Beneficiaries dies or becomes incapacitated.
- The Guardian for your children separates or divorces from their partner.
- You become estranged from one or more of your executors or beneficiaries.
Ideally, you should plan to review your estate plan every three to five years, or whenever there is a major change in your family.
Ruth Pradzynski Is a lawyer with A.R.E. Law
In Regina, Saskatchewan