- New Children, Grandchildren or Other Heirs – If you have a specific transfer to one child, a new child may receive a smaller than intended inheritance.
- Move to a Different Province – Clarify the terminology of the ownership of property as separate of joint property.
- Sale or purchase of a Major Asset – A business or major asset may be transferred to one of your heirs. If that property changes in value, your entire plan could change.
- Your selected Beneficiary is deceased – It is useful to revise the plan and select a new recipient of that share of your estate.
- Divorce or Remarriage – Your plan and beneficiary designations should always be reviewed in the event of a divorce or remarriage.
- Adding a Major Property to a Living Trust – The addition of a high asset value to the living trust could increase the benefits for the persons receiving shares from the trust in comparison to the rest of your heirs. *Note new changes to testamentary trusts take effect January 1, 2016.
- Selected Executor or Trustee Not Available – Your prior selection may have passed away or not have the mental capacity to execute your estate.
- Passage of Time – Changes in family, federal or provincial law or family structure.
The benefits of an estate plan are many; including peace, provision and protection. A good plan can increase your lifetime security and also achieve your goals for your family and charity. To access any of this updated financial and gift planning information, please select our web page by clicking www.twu.ca/bequests.