Updating Your Legacy and Bequest Plan: Why It's Important to Review and Revise Your Plan Regularly
A legacy and bequest plan is an important part of your overall estate planning strategy, as it outlines your wishes for the distribution of your assets after you pass away.
It's important to review and revise your legacy and bequest plan regularly to ensure that it reflects your current circumstances and goals.
Here are a few reasons why it's important to update your legacy and bequest plan in Canada:
Changes in your personal circumstances: Life is full of changes, and it's important to make sure that your legacy and bequest plan reflects your current circumstances. This may include changes in your family situation (such as the birth of a child or a divorce), changes in your financial situation (such as an increase in your net worth), or changes in your charitable giving goals.
Changes in the law: Estate planning laws and regulations can change over time, and it's important to make sure that your legacy and bequest plan is in compliance with these changes. An experienced estate planning lawyer can help you understand any changes that may impact your plan and advise you on how to update it accordingly.
Changes in your wishes: It's natural for your wishes and priorities to evolve over time, and it's important to make sure that your legacy and bequest plan reflects your current goals. By reviewing and revising your plan regularly, you can ensure that your assets will be distributed in accordance with your current wishes.
By updating your legacy and bequest plan regularly, you can ensure that it reflects your current circumstances and goals and that your assets will be distributed according to your wishes after you pass away.
It's a good idea to review your plan at least every few years, or whenever you experience a significant life change. An experienced estate planning lawyer can help you understand your options and advise you on how to update your legacy and bequest plan to reflect your current circumstances and goals.