When was the last time you looked at your will or estate plan? If you’re like most Canadians, it’s probably been a while. But estate planning isn’t a one-and-done task—it’s something that should evolve as your life does.
At Connect Wealth, we regularly help clients update their estate documents to reflect major life changes. Why? Because an outdated will can create confusion, conflict, and unintended consequences for the people you care about most.
Not sure if your documents are still up to date? Here are three life events that should trigger an estate plan review.
1. Marriage, Divorce, or a New Partnership
Getting married, remarried, or divorced is one of the biggest reasons to update your estate documents. These changes affect not only who inherits your estate, but also who can make decisions on your behalf if you’re incapacitated. If your will still names an ex-spouse or leaves out a new partner entirely, your final wishes may not be carried out the way you intended. Similarly, common-law relationships may require additional planning to ensure your partner is protected—especially if you’re not legally married.
2. The Arrival of Grandchildren or New Beneficiaries
A growing family means growing responsibilities. If you now have grandchildren—or new dependents you want to include—it’s time to update your estate plan to reflect that. You may want to set up specific bequests, trusts, or education funds. You may also want to reconsider guardianship decisions if your adult children now have families of their own. Your legacy should reflect your values—and the people you love.
3. Selling a Business or Major Financial Change
If you’ve sold a business, inherited wealth, or experienced a significant shift in assets, your estate plan should be updated to reflect your new financial landscape. You may want to redistribute assets, adjust tax strategies, or update executors and trustees to match your current financial team. An estate plan built around a business you no longer own may no longer make sense—and could leave heirs with unexpected complications.
Don’t Let Time Undo Your Intentions
Life changes fast—and your estate plan should keep up. A quick review every few years (or after any major life event) can make all the difference in how smoothly your wishes are carried out. It’s not just about protecting your assets—it’s about protecting your family from unnecessary stress, legal hurdles, or costly surprises.
Need help reviewing or updating your estate documents? Let’s talk. At Connect Wealth, we can work alongside your legal and tax professionals to ensure your estate plan grows with you.
