Most professional advisors recommend that you update your Will after key life events. Certainly marriage, divorce, the birth of new children, or the death of a beneficiary would all necessitate a review of your Will. Sadly though, these life events are generally so significant that the updating of your Will is probably the furthest thing from your mind.
We saw the example just over a year ago of Gary Coleman who prepared a Will in 2005 and then over the course of a couple of years married, divorced and then lived as common-law. He attempted to keep his Will up-to-date by adding handwritten notes to it, which resulted in a long, protracted legal battle over his estate. Then there was the case of Anna Nicole-Smith’s Will, which was not updated after the birth of her child. She died when her child was 5 months old, and quite understandably had not found the time to update her Will (in spite of being surrounded by lawyers in her life).
If you think about what really happens during the traumatic life events, like the death of a child or a divorce – how soon can people realistically be expected to book an appointment with a lawyer to re-write their Will? And when many life events occur in quick succession, how significant is the $600-$800 cost for every update?
The life event that hits closest to home for me is the birth of a new child. It was four weeks after the birth of our daughter that we sat down and said “oh, I guess we’ll need to update our Wills, after all, we needed to name a guardian for the child, and set up a minor trust.” It took us a full four weeks to realise that this needed to be done – and I work full time for the LegalWills websites !!
Of course, one strategy employed by the legal profession is to try to future-proof the Will. Clauses refer to “any surviving children”, or “any known issue” which takes into account the births or deaths of any children between the writing of the Will and the execution of the Will. However, it’s a bit of a workaround, because new children need to have guardians appointed in a Will, and they should have trusts set up for their inheritance.
Fortunately for me, my Will was written using LegalWills.ca, and our other services at LegalWills.co.uk and USLegalWills.com provide the same convenience. I don’t need to pay anything for an update – I simply login to my account, add the new child, name a guardian and then determine the ages at which my daughter will receive her inheritance; even splitting it one third at 21, one third at 25 and one third at 30. It took me about 10 minutes and it was all completed while sitting on my sofa at home – now I just need to print and sign the new Will in the presence of two witnesses to have a legal up-to-date Will.
Like most people, I would not have taken the time to seek out a lawyer and I wouldn’t be prepared to pay $800 to make these changes. Fortunately, by using the LegalWills service I know have the peace of mind that my new daughter is taken care of should anything happen to her parents.