Many people in Alberta might find comfort in knowing their estate planning is in place. However, life changes can throw a wrench in even the best laid arrangements. Before putting the plan away for safekeeping, it is a good idea to make sure everything is in order and loved ones know where the will is stored.
Would your will be considered legally binding?
The criteria to meet include the following:
- Was the testator of sound mind when the will was written?
- Does the will include the testator’s actual signature instead of a digital signature?
- Does it contain the signatures of two witnesses who are not beneficiaries of the will?
Storage of a will
Informing loved ones where to find the will could help them settle the testator’s affairs smoothly. A safety deposit box at home or a bank could provide safe storage or it could be kept on file with a notary or lawyer who assisted with drafting estate plans.
Keeping estate plans current
With all the possible changes and developments in life, estate plans need reviews in the years following its drafting. Some major life events could necessitate adjustments to the will and other estate documents. For example, the birth of a child or grandchild, divorce, marriage and more could make it necessary to update any arrangements. Changes in the Alberta laws might be another reason to revisit estate plans.
A will could include instructions or information about final arrangements, but it is optional. However, it could reduce the trauma of the loss when loved ones arrange the funeral and burial. These wishes could be included in the will in an effort to make sure the testator’s preferences and desires are met.