Updating a will — key considerations

Regularly updating your will ensures your life’s work and wishes are securely documented. If you’re thinking about drafting or updating your will, here are some key considerations to keep in mind:

1. Executors: Choose those who harmonize well. If conflicts might arise, a professional executor like a bank or a lawyer could be a wise pick.

2. Assets and beneficiaries: Examine designations for RRSPs, investments, and TFSAs. Named beneficiaries often allow assets to sidestep probate fees.

3. Life insurance: Make sure your policy’s beneficiaries are current to avoid unintended estate taxes.

4. Cottage considerations: If you own one, be alert to potential capital gains and the repercussions for your beneficiaries.

5. Residuary estate: Strategize how the remainder of your assets will be allocated.

For those navigating complex family dynamics, providing comprehensive legal documents to your lawyer will lead to tailored advice.

Seeking guidance on estate planning? If you have questions or need assistance in drafting your will, I’m here to help. Reach out and let’s ensure your wishes are accurately recorded.

This article was originally published by The Hamilton Spectator.