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Checklist: Update the estate plan as your family grows

Check List Check List

Use this checklist as a guide to help your clients keep their estate plan up-to-date.

Preview of Checklist: Update the estate plan as your family grows

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Checklist: Update the estate plan as your family grows

Did you marry, separate or divorce since preparing your will?

NO – go to next question.

YES – time for an update.

Except in B.C., Alberta and Quebec, marriage revokes an existing will, unless the will is made in contemplation of marriage.

Did you have or adopt a child since preparing your will?

NO – go to next question.

YES – time for an update.

When you have a child, you should appoint a guardian (known as a tutor in Quebec) to act in the event you and your partner die while your child is still young. Guardian appointments can be temporary. For instance, in Ontario, the guardian must apply to the court for appointment as permanent guardian within 90 days of the parents’ death. The court will ultimately select a permanent guardian based on the child’s best interests. Still, the parents’ choice is a persuasive consideration.

Did you become a grandparent since preparing your will?

NO – go to next question

YES – time for an update.

If you want your grandchild to receive a benefit under your will, then beneficiary designations must be updated. You can name grandchildren as primary beneficiaries or, if you only want them to benefit if their parents have already died, you can name them contingent beneficiaries.

You’ll also want to review designations on registered products and insurance policies to ensure they’re current and don’t conflict with any designations in your will.

Courtesy of Advisor.ca © 2018 Transcontinental Media G.P. These materials are for reference and guidelines only. You are responsible for the advice you give your clients.