ONE Sports PowerPlay Blog
Playing Defense: Will and Estate Planning
You have, once upon a time, gone through some type of Will planning process; perhaps you even already have a drafted, signed and witnessed Will document. Chances are however, that it may need a refresh. If you answer yes to any of the following questions, perhaps a review of your Will is in order. This list doesn’t include everything to consider but does cover many of the most important areas.
- You say you have a Will, but how long ago was it drafted and signed? Upon checking your Will document, have you noticed there are no signatures, or only one witness?
- Have you been married, divorced, separated, or have you started a relationship with someone new?
- Since your last Will was created, has one of the key principals, (spouse, beneficiary, executor, guardian), passed away?
- Have there been any significant additions to your family, like a child, since your last Will?
- Has your net worth increased or decreased significantly since you last prepared a Will?
- Have you moved to a different province or state or country since your last Will was drafted?
- Have you acquired significant new assets, like a cottage, since your last Will?
- Do you need to reconsider the chosen executors, trustees, or guardians for small children identified in your previous Will?
- Do you wish to add or remove any beneficiaries?
- Are you considering changing the terms of distribution to any of the beneficiaries?
- Have you become financially responsible for someone new, not named in your previous Will?
- Have there been any legislation changes since your last Will was prepared that may affect any of the terms of that document?