Creating a will is a significant achievement—but it's not a one-time event. Your life changes, and your will should reflect those changes. Knowing when and how to update your will ensures your estate plan continues to match your wishes. This guide covers everything you need to know about updating your will.
Table of contents
Why updating matters
Life events requiring updates
How to update your will
What changes require new wills
Common update mistakes
Reviewing your will
Self-help vs. professional help
Why updating matters
Your will represents your wishes at the time you created it. What made sense five years ago might not fit your current situation. An outdated will might leave your family in difficult positions—potentially causing disputes, extra taxes, or unintended outcomes.
Beyond your own wishes, changes in your family can dramatically affect what's appropriate. Relationships change, children are born, people die—any of these can make previous designations inappropriate.
Provincial laws also change. What was legally sound when you created your will might need adjustments due to law changes. While this is less common, it's worth checking periodically.
Life events requiring updates
Marriage and divorce
In most provinces, marriage automatically revokes prior wills. This prevents old wills from controlling distribution after you marry. After marrying, you need a new will reflecting your new situation.
Divorce doesn't automatically revoke beneficiary designations—but it often should change them. Review your will after divorce to ensure it reflects your current situation. If your ex-spouse is named as executor or beneficiary, you'll likely want changes.
Birth of children
Having children typically requires will updates. Your will should name guardians for your children and specify how assets provide for them. If you already had a will, updating is essential to add these important provisions.
Even if you already had children, new children require attention. Each child needs to be included in your plan. Ensure guardian designations cover all children.
Acquiring significant assets
Buying a home, receiving an inheritance, or accumulating significant assets changes your estate. Your will might need updating to address these assets appropriately. Significant assets might warrant more sophisticated planning.
Death of family members
If someone named in your will dies, their designation is void. You need to update your will to name someone else. This includes executors, guardians, and beneficiaries who might predecease you.
Major changes in relationships
Major relationship changes beyond marriage and divorce might require updates. Separation from a common-law partner, estrangement from children, or new important relationships might all warrant changes.
Changes in financial circumstances
Your financial situation affects what's appropriate in your will. If you've become significantly wealthier, more sophisticated planning might be appropriate. If you've accumulated debt, this affects your estate's liabilities.
How to update your will
Using a codicil
A codicil is an amendment to your existing will. It makes specific changes without rewriting the entire document. Codicils work well for simple changes—adding a beneficiary, changing an executor, making small adjustments.
Codicils must meet the same legal requirements as wills—they require proper execution and witnessing. Using a codicil when a full new will is more appropriate creates problems.
Creating a new will
For most significant changes, creating a new will is better than using codicils. A new will completely replaces your old will, avoiding confusion about what provisions remain in effect. New wills are particularly appropriate when making multiple changes.
When creating a new will, explicitly revoke all previous wills and codicils. This ensures only your new will governs your estate.
Self-help updates
Simple changes can sometimes be made without professional help. If you're making simple updates, ensure you properly execute the changes according to provincial requirements.
For more significant changes, professional help is advisable. The cost of a lawyer is modest compared to problems from improperly updated wills.
What changes require new wills
Most significant changes warrant new wills. Specifically:
- Adding or changing guardians for children
- Creating or significantly changing trusts
- Major changes to how assets are distributed
- Changes affecting multiple provisions
- Any situation where there's significant complexity
If you're uncertain whether a codicil is sufficient, err on the side of creating a new will. The additional cost is typically minimal.
Common update mistakes
Forgetting to update
The biggest mistake is simply not updating your will. Set reminders to review your will periodically—annually is appropriate for most people. Update when circumstances change.
Relying on marriage to update
Marriage doesn't automatically create an appropriate will—it just revokes the old one. After marrying, create a new will that reflects your new situation.
Not changing beneficiary designations
Wills and beneficiary designations work differently. Updating your will doesn't change your RRSP or life insurance beneficiary designations. Update these separately.
Using informal methods
Informal changes—even witnessed changes—often don't meet legal requirements. Save yourself problems by updating your will properly through recognized legal channels.
Delaying updates
Don't delay updates because you're busy or because the changes seem small. The longer you wait, the more likely you are to forget or to face a situation where your outdated will creates problems.
Reviewing your will
Annual review
At minimum, review your will annually. This doesn't mean you need to update it annually—just that you should check whether anything has changed that might require updating.
Review in conjunction with other financial planning—perhaps when you review your insurance or do your annual financial planning. This creates a routine.
Event-triggered review
Beyond annual reviews, review when specific events occur:
- Marriage or divorce
- Birth or adoption of children
- Death of family members
- Significant asset changes
- Changes in relationships
- Moving to a different province
What to check
When reviewing, ask:
- Do my executor and guardian designations still work?
- Are my beneficiary designations appropriate?
- Does my will reflect my current wishes?
- Are there any new assets that need addressing?
- Has anything changed in how I want things handled?
Self-help vs. professional help
When self-help might work
Simple updates might be accomplished without professional help—particularly for straightforward changes where you're confident in what you want and how to accomplish it. Basic forms might help for simple situations.
However, even simple updates can create problems if done incorrectly. Self-help involves risk.
When professional help is needed
Professional help is advisable when:
- Your situation has any complexity
- You're making significant changes
- You're uncertain about what changes are appropriate
- There are tax implications to consider
- You're making changes affecting family dynamics
- It's been years since your will was created
- You have business interests or complex assets
A lawyer can ensure your changes accomplish what you intend and avoid problems. The cost is worthwhile for significant estate planning.
Finding help
Look for lawyers specializing in estate planning. Many estate planning lawyers offer reasonable pricing for basic updates. Some organizations offer limited-scope services if you have a limited budget.
Your will should evolve with your life. Don't let an outdated will create problems for your family. Review regularly, update when needed, and keep your estate plan current.