Updating Your Will: Key Tips for Reflecting Your Wealth Wishes

Updating Your Will: Key Tips for Reflecting Your Wealth Wishes

In this article from All About Estates, Diana Leopardi, an Estate and Trust Consultant at Scotiatrust, emphasizes the importance of ensuring your Will accurately reflects your wealth transfer wishes. The key points covered include:

  • Regular Review of Wills: It's advised to review your Will every five years or after major life events such as marriage, divorce, childbirth, or significant tax changes.

  • Impact of Divorce and Remarriage: A divorce may not automatically revoke a bequest to an ex-spouse, and remarrying brings complex considerations regarding wealth transfer to a new spouse and children from previous marriages.

  • International Policies Affecting Estate Planning: Proposed changes to U.S. estate tax laws can significantly affect those with assets in the U.S., highlighting the need for mindful planning to avoid unforeseen tax implications.

  • Professional Guidance: The article suggests consulting professionals for strategies to manage wealth transfer efficiently, like setting up testamentary trusts or utilizing tax credits.

  • Proactive Reflection and Update: Reflecting on whether your current Will aligns with your wealth transfer wishes is crucial, and updates may be necessary.

For a detailed read and more insights, you can access the full article here.

My Comments and Feedback

The article provides valuable insights into the complexities of estate planning, especially in the context of changing personal circumstances and international tax laws. The emphasis on regular reviews of the Will to ensure it aligns with current wishes and circumstances is particularly crucial. Moreover, the discussion on the implications of remarriage and the impact of international policies on local estate planning highlights the necessity of expert guidance in estate planning. The article serves as a reminder to not only create a Will but also to revisit and update it periodically to reflect any changes in personal life or financial status.

Back to blog

Leave a comment