Life is full of changes and uncertainties.When it comes to your will keeping it updated is crucial. Your will is a legally binding document that protects your wishes and safeguards your loved ones after you're gone. But how often should you review your will? And why is it vital to do this with a competent wills lawyer in Calgary? Understanding the right timing and benefits of reviewing your will can prevent costly disputes and ensure your estate plan stays relevant as your circumstances evolve.

Key Life Events That Signal It's Time to Review Your Will

Legal experts recommend checking your will every 3 to 5 years, even if nothing major has happened in your life. But, certain life milestones make an assessment essential. These include:

• Marriage or Divorce: These events can change your beneficiaries or the distribution of assets.

• Birth or Adoption of Children or Grandchildren: You might want to add new guardians or specify inheritance.

• Purchasing or Selling Major Assets: Real estate, investments, or businesses acquired or sold need updates to asset distribution.

• Significant Changes in Financial Status: An increase or decrease in wealth calls for reassessing your estate plan.

• Death of a Beneficiary or Executor: Your will must reflect these changes to avoid confusion or legal challenges.

• Relocation to Another Province or Country: Different laws may affect how your will is interpreted or executed.

• Changes in Tax Laws or Estate Law: Legislative changes in Alberta or Canada can impact how your estate is taxed or handled.

If any of these changes apply, it's wise to consult a wills lawyer who understands the local laws and can help you update your will.

Why You Should Use a Wills Lawyer for Your Will Review?

Reviewing your will without a lawyer might seem simple. But it can leave you exposed to legal risks. A wills attorney brings expertise in real estate laws in Alberta and can:

• Ensure that your will complies with current legal requirements.

• Confirm your will is "self-proving," which speeds up probate and reduces legal hurdles.

• Guidance on proper execution and witnessing to avoid challenges to the will's validity.

• Help you plan for complex situations. They include blended families, minor children, or special needs beneficiaries.

• Integrate tax-efficient strategies to protect your estate.

• Assist in coordinating your will with other documents like powers of attorney and living wills.

Engaging a wills lawyer guarantees your will is legally sound and accurately reflects your wishes.

How a Wills Lawyer Helps You List and Value Your Assets?

Listing and valuing your assets is a foundational step in will preparation or review. It determines who inherits what and helps prevent conflicts among heirs. A wills lawyer will:

• Inventory All Assets: From real estate, bank accounts, and investments to personal belongings like jewelry or art.

• Identify Digital Assets: Including online accounts, crypto-assets, and intellectual property, which can be overlooked.

• Guide Asset Valuation: Lawyers tell on how to get accurate valuations for real estate, business interests, or collectibles to ensure fair distribution.

• Consider Debts and Liabilities: Assets need to be considered net of debts to give a clear financial picture.

• Address Special Asset Issues: Such as jointly owned property, trusts, or assets outside Alberta or Canada.

• Coordinate with Financial Advisors: To reflect accurate valuations and future growth or depreciation.

An accurate and thorough asset list made with expert legal help reduces the risk of disputes. It also ensures your beneficiaries receive their intended inheritances.

Importance of Periodic Reviews for Your Estate Plan

Your will is one part of a broader estate plan. It may include powers of attorney, healthcare directives, and trusts. A wills lawyer will encourage periodic thorough reviews of your entire estate plan to:

• Adapt to technological changes like digital estate management.

• Update to reflect any changes in family dynamics or ownership structures.

• Ensure tax planning remains optimized as laws evolve.

• Prevent probate complications by confirming all documents work together.

Regular reviews provide peace of mind knowing your estate planning is up to date and aligned with your goals.

Practical Steps to Take When Reviewing Your Will

To prepare for your will review with a lawyer:

1. Gather recent lists of assets, liabilities, and financial statements.

2. Note any family or relationship changes since the last review.

3. Identify any new questions or concerns you have about your estate plan.

4. Bring existing wills, trusts, powers of attorney, and related documents.

5. Schedule a consultation with a trusted wills lawyer in Calgary for professional advice.

Taking these steps ensures your review session is efficient and comprehensive. Thus, allowing your lawyer to provide tailored recommendations.

Conclusion:

Life is unpredictable, but your will should not be. Regular reviews with a knowledgeable wills lawyer in Calgary, hired from Centobin Law Office, a top legal firm, ensure your wishes are clearly documented, your assets properly valued, and your loved ones protected. 

By staying proactive and seeking expert legal guidance, you reduce the risks of costly disputes and secure your family's future.Make the smart move today consult the legal experts to keep your estate plan current and effective.