I. Immediately after Signing
The following steps should be taken right away:
A. The Will
1. Let your executor and family members know where the original will is.
2. Make and keep current a list of your assets and where they can be found.
3. List and keep current the names and addresses of your beneficiaries.
4. Keep your documents in one place, including the title to your home, personal agreements (such as divorce papers, separation agreements, marriage contracts and family trusts), and make sure that someone else knows where these documents can be found
CONSIDER Notifying anyone whom you believe should be told about your estate planning decisions. This is whether or not you included a non-contestation clause in your will. One of the reasons for doing so is to try to prevent a court case after your death. For instance, if you intentionally omitted one of your children as a beneficiary or reduced their share in your estate it is possible they would contest your will. By notifying them now, while you are alive, you have a better chance of preserving your estate and avoiding litigation.
B. Powers of Attorney
1. Let your attorney for property know where the original power of attorney for property can be found.
2. Give a signed copy of your power of attorney for personal care (USUALLY THE SAME PERSON(S) AS ABOVE) to your attorney. Tell your family doctor and other medical advisers who your attorney is.
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II. Reviewing Your Personal Planning
Your will and other planning should be reviewed on a regular basis. Your family circumstances may have changed, the laws may have changed, or your mind may have changed about your beneficiaries.
I recommend that you review your planning at least once a year and every time there have been significant changes in your personal or financial affairs or if you acquire property outside of Canada.
If you want to change your will, you can amend your will by making a new will. Your will can also be amended by a document called a codicil. This document may be a formal document with two witnesses, or it may be wholly in your own handwriting (but make sure you understand the legal consequences of the changes you are making). I recommend that you seek legal assistance if you intend to change your will but there is no law which forbids you from doing so on your own.
The law sometimes revokes your will or parts of it when there are changes in your circumstances:
1. If you marry after the date of the will, the will is void at the option of your new spouse.
2. If you divorce, the gifts to your former spouse are void, and the will is read as though your former spouse predeceased you unless your will expresses a different intention.
3. Making a new will that disposes of all of your assets revokes the previous will.
4. Destroying your will revokes it.
If you wish to revoke your powers of attorney, you must do so by a Notice of Revocation, executed in the same way that your powers of attorney were executed. To be effective, a copy of the notice must be delivered to the attorney named in the power of attorney and to any third parties who might be relying upon the power of attorney.
