REVIEWING AND CHANGING YOUR WILL AND POWERS OF ATTORNEY CHECKLIST

The following changes might necessitate a change to one's Will and Powers of Attorney.

Major Life Changes

  1. Have you separated?
  2. Have you divorced?
  3. Have you remarried?
  4. Has your spouse died?
  5. Are there children or grandchildren you now would want included or not included in the Will?

Executors (Estate Trustees) and Attorneys

  1. Have any executors or attorneys died?
  2. Are any executors or attorneys mentally incapable or unable to administer your estate?
  3. Do you still want the appointed executors and attorneys or alternates administering the estate or looking after you?
  4. Are your children now over 18 years old and capable to be estate trustees and attorneys?

Beneficiaries

  1. Have any beneficiaries died?
  2. Have you had a falling out with any beneficiary and want to withdraw that bequest?
  3. Do you want to increase a specific bequest?
  4. Do you want to change the age when a minor receives the bequest?
  5. Are any beneficiaries incompetent (therefore discretionary trust)?

Custodians

  1. Are the custodians still the proper persons to look after the children?
  2. Are custodians no longer needed?

Assets

  1. Are any assets specifically bequeathed in the Will no longer in existence?
  2. Has the total value of the estate changed necessitating a change to the bequests?
  3. Has the value and nature of the estate increased to an amount that a testamentary trust or other estate planning technique be beneficial?

LEGAL CONSIDERATIONS

  1. Was the Will done before 1986 and therefore needs a Family Law Act clause to protect inheritances in case of separation of a beneficiary?
  2. If there was a second marriage will the amount bequeathed to the spouse be greater that the equalization amount? Is a marriage contract needed?
  3. If the Will was done before 1979, are there any children born outside of wedlock that should or should not be in the Will?
  4. Was the Power of Attorney done before 1994 and therefore you need a new Continuing Power of Attorney for Property and a Power of Attorney for Personal Care?