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Updating your estate documents

July 4, 2015

We recommend that you consider and review your Will, Enduring Power of Attorney, Personal Directive and other estate documents on a yearly basis to ensure that they address your current circumstances.

Subsequent to the execution of your estate documents, any number of events can occur, the effect of which should be considered in determining whether or not your documents should be updated.

 

Some of these include the following:
1. Change in relationships;
(a) Marriage or Divorce; or
(b) Common-law or Co-habitation.
2. Changes regarding children, grandchildren or other beneficiaries:
(a) Birth, marriage, adoption, co-habitation or death;
(b) Changes in a beneficiary’s relationships;
(c) Financial irresponsibility or economic changes; or
(d) Illness or disability;
3. Attitude changes towards personal representatives, attorneys or agents;
4. Changing value of assets comprising estate;
5. Changes in insurability;
6. Changes in business interests (i.e.: new partnership, new corporation);
7. Effect of direct beneficiary designations in life insurance policies, RRSPs, RRIFs and other investments;
8. Unique investments such as TFSAs, RDSPs and structured settlements;
9. Property acquired in a different Province or outside of Canada;
10. Retirement from business or a profession; or
11. A move outside the Province of Alberta.

 

Contact us to learn more about estate planning>>

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