When should I update my will?
Question & AnswerWhen should I update my will?
5. Decide if you want to change your will or make a new one
You can change or revoke your will at any time, as long as you’re . Being means that you understand:
- why you’re making a will
- how much property you have
- which of your dependants should be included as
You can change parts of your will or the entire will.
Revoke your will
Revoking your will means that it stops being valid. If you don’t make a new will after you revoke one, it’s as if you never made a will. This means that the apply to your .
Certain things you do, such as getting or making a new will, automatically revoke your will.
You can also revoke your will by destroying the original will completely. For example, you could burn, shred, or rip it to pieces.
Writing “revoked” directly on your will or crossing out parts of your will are not enough to revoke or change it.
Change your will
You can change your will by making a new one.
Or, you can change your will by making a “codicil”. This is a separate legal document that’s made the same way as a will.
Codicils are usually used when you have small changes to your will. For example, if you want to add or remove a beneficiary. Or, if you want to change the amount of a . The codicil should refer to the section of the original will that you want to update, and say what you want the change to be.
Writing directly on your will after it’s been signed does not change your will.
Information for your estate trustee
Ontario doesn’t have a central database of wills and you don’t have to file your will with the court or government. So make sure your will is kept in a safe place. This could be in a desk at home, in a safety deposit box at your bank, or with your lawyer. Make sure your knows where to find your will.
It’s also a good idea to tell your estate trustee where they can find a list of your property, including bank accounts, investments, and insurance policies, and passwords for things like online banking and social media accounts.