What to look for when you are reviewing your own Will

Whenever we do presentations on Estate Planning in and around Edmonton, we always here the same question…”how often should someone update their Will?”

There is no real answer to that question because everyone’s situation is different.  What we recommend is that that you  review your Will whenever there is a change in your life, such as the birth of a child, a large inheritance, or a diagnosis of a critical illness.

In addition, we recommend that a Will be taken out and looked at every three to five years. You would be amazed by the number of clients who contact our office and tell us that the person named as their Executor in their Will has been dead for several years or that they are  no longer in contact with that person.  THAT creates problems.

When reviewing your Will look for the following items:

  1. Do you have the original Will?
  2. Is this Will the most recent one?
  3. Are all the pages of the Will present?
  4. Is the Will dated?
  5. Is the Will witnessed by two people?
  6. Are their handwritten changes to the Will?
  7. Is there an affidavit with the letters NC8 attached to the Will?
  8. Does the Will outline how much your Executor can be paid?

If you answered “no” to any of these questions, contact our office at 780 458 8228 for a  review your Will as it may not be deemed valid by the Alberta Court system.  Our lawyers are experienced at writing Wills and other estate planning documents.  We are here to help!

Remember by taking the time to review your Will and ensure it is still valid, you are leaving your family with solutions and not problems.

 

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Written by Stacy Maurier