Below are points to consider with respect to your Will:
If you marry after you make your Will, your Will is void (of no effect);
If you divorce after you make your Will, your spouse’s designation as an executor and/or beneficiary is void;
Income and probate taxes may be minimized by the proper gifting of your RRSP’s, RRIF’s or insurance proceeds or by placing some (not all) assets in joint tenancy;
Not all of your assets will form part of your estate and be distributed in accordance with your Will: land, bank accounts and investments in joint names may pass to the surviving co-owner by right of survivorship – the benefit of insurance policies, pensions, RRSPs and RIFs may pass to designated beneficiaries;
Executing an enduring Power of Attorney along with your Will enables your next of kin to pay your bills, purchase more suitable care or accommodation for you, raise money for necessary surgeries, etc., in the event you become incapacitated.
