My spouse died. Should I change my will?

If a spouse or a partner of yours passes away it is important to, when you are emotionally ready, make sure that the death of your spouse is taken into account in your will. There are certain things that individuals must look for when altering their will following the death of their spouse or partner.

Firstly, you need to make sure that you did not name your spouse or partner as the estate trustee. If you have, then you must name another. There are situations whereby you can, in your will, put in a clause that states that there will be a secondary estate trustee in the event of the initial estate trustee passes away. It is important to ensure that if your will has that clause, you are sure that the individual previously chosen is still the person you want to hold power over your estate following your death.

In addition, it is important to make sure that you name someone to be a power of attorney for property and personal care, other than your deceased spouse, in the event that you are not able to make decisions relating to these areas for yourself.

When looking over your will, you should also look to see if you had previously designated your spouse or partner as the beneficiary under your Registered Retirement Savings Plans or Registered Retirement Income Funds.

In addition it is important to note that if you remarry, your previous will becomes void. You must make a new will following the marriage.

For more information on wills in Ontario, contact Krol & Krol at 905.707.3370.