SprottWealth Insights

When is it Time to Review Your Estate Plan?

Lucinda E. Main
Beard Winter LLP

At a minimum, you should review your estate plan every three years. Often within that timeframe, your assets, your family situation, or the applicable laws may have changed, or you may have changed your mind about your arrangements. You should re-evaluate your estate plan sooner in any of the following situations:

Major Change in Your Financial or Business Situation

  • Sale of a business
  • Start of a new business
  • Receipt of a considerable inheritance or gift
  • Other major change in your assets

Change in Your Life and Family Circumstances

  • Marriage
  • Commencement of a common law relationship
  • Divorce or separation
  • Births, adoptions or deaths in your family
  • Any of your beneficiaries attain the age of majority
  • The marital status of a beneficiary changes
  • Any beneficiary starts to receive disability support payments from the government
  • An executor or guardian of your minor children dies or becomes unsuitable to act due to illness or age

International Reach

  • You or any of your executors or beneficiaries leave Ontario
  • You or any of your beneficiaries obtain US citizenship
  • You purchase significant foreign assets (e.g., vacation home, stocks, etc.)