When to Write or Rewrite a Will

[calgaryimmigrat]

As a Calgary will lawyer one common question from clients I usually encounter is when should a person write, or rewrite, a will. The first part of the answer is easy. If you are an adult and do not have an existing will, you should write one. That being said, wills aren’t necessarily cheap. Most people will wait until they are gainfully employed, at least a few years out of school, and often in a stable relationship before will writing is even considered. I don’t necessarily advocate waiting until you have money, are married, or have children before you write a will, but I’m realistic enough to know that the majority of us are more concerned about almost everything other than writing a will (Facebook status updates, what Kim Kardashian is doing, etc.) until life changes prompt a re-evaluation of priorities.

It is difficult to say categorically when someone should rewrite a will. I usually advise parents of minor children to rewrite their wills sometime after their children have reached adulthood. If you get married or divorced (or, for that matter, separated) you should likely rewrite your will. If you have children, or children from a new relationship, you may wish to rewrite your will. Having a beneficiary or executor die may prompt you to consider a rewrite. Becoming estranged from a beneficiary or executor may also suggest a revised will is in order. As well, having relatives become dependent on you may be an indication that your will should be re-examined. For example, if a parent, child, or sibling becomes disabled, and you are responsible for that person’s wellbeing, then you may well have to make adequate provision for that person in your will. This is not, of course, an exhaustive list.

As a rule, it probably makes sense to have a look at your will at least once every six to twelve months. If your will still reflects your wishes and circumstances, then there is no need to change it. On the other hand, if changes ought to be made, there is no time like the present.

Russ Weninger

[Lexus]

I would like to inform you that a will is a legal document that lets you tell the world who should receive which of your assets after your death. Without a will, the courts decide what happens to your assets and who is responsible for your children.

[StorageGuy]

Originally Posted by Lexus I would like to inform you that a will is a legal document that lets you tell the world who should receive which of your assets after your death. Without a will, the courts decide what happens to your assets and who is responsible for your children.

Wow, really LEXUS? I would like to inform you that Russ Weninger did a fine job explaining wills to us. It is helpful for you to explain to all of us what everyone in the world already knows.....

[isbelle]

Thank you for that friendly nudge, Russ.

I must admit that while I understand the importance of having a current will, I do not. The only reason is the cost - I simply don't have the one or two thousand dollars to spare to have wills drawn up for my spouse & I.

My question - is it better to fill out one of those "do it yourself" form wills than to have no will at all?

My husband & I have little in the way of wealth or holdings, and we have listed each other as 100% beneficiaries on our life insurance policies. We do have adult children.

Thanks again for the informative post.

[goddessoflubboc]

Unless it is your wish to have the state parcel out your belongings, a will is in everyone's best interest.

Loving siblings become evil combatants over the china, or moms wedding ring, etc...

[isbelle]

Yes, but my question is - must one hire a lawyer to draft a will? I hope this isn't taken as a rude question as its rather like calling up a plumber and asking him to walk you through the steps to repair you faucet for free, but for those of us who simply don't have the cash to pay for a will, are there other, viable options?

Thanks-

[goddessoflubboc]

Anything is better than nothing. Are holographic wills (handwritten) acceptable where you live? If not I've heard good things about some online site that is very reasonably priced.