2. Review if your financial situation has changed a lot

It's a good idea to review your will to make sure it deals with any big changes to your financial situation.

A lot may have changed since you made your will. For example:

• You may now own property that is not included in your will. You may have inherited some money or have more savings or investments.
• You may no longer own property that was included in your will. You may have sold the property or given gifts to people or organizations. The beneficiary getting that property now gets nothing.
• You may have more debt, for example, another mortgage or line of credit. If you have more debt, your beneficiaries may get little or nothing after your estate pays the taxes and debt you owe.

Review the property and debts you now have. Your property includes:

• real property such as land, houses, or condos
• cash or money in bank accounts
• investments such as registered retirement savings plans (RRSPs) or tax-free savings accounts (TFSAs)
• life insurance policies
• personal property such as:
  • cars or trucks
  • clothing
  • jewelry
  • all collections, for example, coin, cards, and artwork
  • furniture and other household items
• online assets such as PayPal, eBay, and loyalty reward programs like Aeroplan miles
• pets

Your debts include things like income taxes you owe, mortgages, lines of credit, credit card payments, and car loans.