How Often Can a Will Be Updated?
Having a Will is arguably one of the most important things you can do for yourself and your family because wills name an executor (a person or institution appointed by you to carry out the terms of your Will), distribute your property according to your wishes, name guardians for your children, forgive debts and more. Having a Will allows you, rather than British Columbia’s Wills, Estates and Succession Act (“WESA”), to decide who gets your property, who will be the guardian for minor or special needs children and more when you die.
If you die without a Will you die “intestate” and your assets will be distributed according to Part 3, When a Person Dies Without a Will, Division 1 – Distribution of Estate When There is No Will.
Ultimately, a will may be amended as often as the will-maker wishes before their death. The caveat is that any time a will is changed, the will-maker must have testamentary capacity – meaning that they understand that the will is being updated and that they understand the changes being made along with their potential consequences.
However, incapacity can arise quickly and without warning. Therefore, it is important to ensure that estate plan revisions and amendments are made proactively.
It’s important to know the WESA only deals with assets that are solely in your name and that do not have a designated beneficiary. Tax Free Savings Accounts (TFSA), Registered Retirement Saving Plans (RRSP), Registered Retirement Income Funds (RRIF) and life insurance policies all have the option for you to designate a beneficiary, an individual, an institution or your estate, and would be distributed according to those designations.
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