Published on All About Estates
By Scotiatrust, January 23rd, 2025
Canadians are living longer. What does this mean for estate planning?
Current life expectancy is approximately 83 years. This number has been steadily increasing annually and is expected to continue to do so.
Regardless of projected life expectancy, we all know that everyone needs a will and powers of attorney. Once these documents are in place, they must be reviewed periodically. The rule of thumb I tend to hear is to review a will (there is usually no mention of reviewing powers of attorney) every 5 years, or on the occurrence of a major life event: a birth, a marriage, or a death.
Assuming testamentary capacity, more frequent reviews of all estate planning documents should be undertaken later in life, not only to remind will makers of the provisions in their wills, but to help prevent unintended outcomes.
While none of us should take a “once and done” attitude toward our estate planning, there may be more changes in older clients lives than just births and deaths of loved ones. These events will be covered off by good drafting, but there may be other happenings that require bigger adjustments before clients lose capacity.
