February Estate Planning: Spring Preparation Guide
Key Takeaways
- 1Understanding february estate planning: spring preparation guide is crucial for financial success
- 2Professional guidance can save thousands in taxes and fees
- 3Early planning leads to better outcomes
- 4GTA residents have unique considerations for inheritance planning
- 5Taking action now prevents costly mistakes later
Quick Summary
This article covers 5 key points about key takeaways, providing essential insights for informed decision-making.
Quick Answer
February is ideal for estate planning review while tax documents are fresh and spring schedules open up. Review your will, powers of attorney, beneficiary designations, and digital assets. Update for any 2025 life changes and ensure your executor has access to necessary information. Schedule appointments with advisors before busy spring season.
February is an ideal month for estate planning review. Holiday gatherings have reminded you of family, tax documents are arriving that show your financial picture, and spring schedules are still open for appointments with lawyers and advisors. An annual review ensures your estate plan reflects your current wishes and circumstances. Here's your February estate planning preparation guide.
The Annual Estate Plan Review
Why February Works
- Tax documents arriving: Clear picture of accounts, values, beneficiaries
- New year perspective: Fresh look at priorities and wishes
- Spring appointments: Advisors and lawyers have availability
- Before busy season: Handle before spring activities consume time
- Recent holidays: Family dynamics fresh in mind
Document Review Checklist
1. Last Will and Testament
Review your will for:
- Executor named: Still willing, able, and appropriate?
- Alternate executor: Named in case primary can't serve?
- Beneficiaries: Still reflect your wishes? Any changes needed?
- Guardians: For minor children - still appropriate?
- Specific bequests: Do you still own items mentioned?
- Charitable gifts: Organizations still exist and aligned with values?
Marriage Revokes Wills
In Ontario, marriage automatically revokes your will unless it was made "in contemplation of marriage" to that specific person. If you married in 2025 and haven't updated your will, it's invalid. Create a new will immediately.
2. Power of Attorney for Property
Review to ensure:
- Attorney named is still willing and able
- Alternate attorney designated
- Powers granted are still appropriate
- Document is properly signed and witnessed
- Attorney has access to copy
3. Power of Attorney for Personal Care
Confirm:
- Attorney understands your healthcare wishes
- Any changes in your healthcare preferences
- Alternate attorney named
- Document accessible if needed
Key Takeaways
- 1Annual estate plan review catches outdated information and changed circumstances
- 2Review beneficiary designations on all registered accounts (RRSP, TFSA, insurance)
- 3Confirm executors and attorneys are still willing and able to serve
- 4Update digital asset instructions as online accounts and assets change
- 5Create or update a 'where to find things' document for your executor
Quick Summary
This article covers 5 key points about key takeaways, providing essential insights for informed decision-making.
Beneficiary Designation Review
Beneficiary designations override your will. Review annually:
Accounts with Beneficiary Designations
| Account Type | Check For |
|---|---|
| RRSP/RRIF | Spouse/common-law for tax-free rollover? |
| TFSA | Successor holder (spouse) or beneficiary? |
| Life insurance | Primary and contingent beneficiaries current? |
| Pension | Spousal benefit election, death benefit beneficiary? |
| Non-registered (joint) | Joint with right of survivorship? |
Common Beneficiary Errors
- Ex-spouse still named (doesn't automatically change on divorce)
- Deceased person named (who receives instead?)
- Minor children named directly (consider trust)
- Estate as beneficiary (triggers probate, delays)
- Outdated addresses or names
Life Changes That Require Updates
Did Any of These Happen in 2025?
Life Events Requiring Estate Plan Updates
| Event | Update Needed |
|---|---|
| Marriage | New will required (old one revoked) |
| Divorce | Update will, POAs, beneficiaries |
| Birth/adoption | Add children, name guardians |
| Death of beneficiary | Update will and beneficiaries |
| Major asset change | Review specific bequests, overall distribution |
| Move to new province | Review legal validity in new jurisdiction |
| Health change | Update personal care POA, healthcare wishes |
Frequently Asked Questions
Q:How often should I review my estate plan?
A:Review your estate plan annually, plus after any major life event (marriage, divorce, birth, death, significant asset change, move to new province, health change). Annual reviews catch outdated information and ensure your plan still reflects your wishes. Even if nothing needs changing, confirming your plan is current provides peace of mind.
Q:What documents should be included in my estate plan?
A:A complete estate plan includes: Last Will and Testament, Power of Attorney for Property (finances), Power of Attorney for Personal Care (health decisions), beneficiary designations on registered accounts and insurance, and potentially trusts. Keep an organized file with all documents and let your executor know where to find them.
Q:When do I need to update my will in Ontario?
A:Update your will after: marriage (existing will is automatically revoked), divorce (doesn't automatically change will but may affect gifts to ex), birth/adoption of children, death of beneficiaries or executors, significant asset changes, moving to/from Ontario, and changes to your wishes. Also review if your will is more than 3-5 years old.
Question: How often should I review my estate plan?
Answer: Review your estate plan annually, plus after any major life event (marriage, divorce, birth, death, significant asset change, move to new province, health change). Annual reviews catch outdated information and ensure your plan still reflects your wishes. Even if nothing needs changing, confirming your plan is current provides peace of mind.
Question: What documents should be included in my estate plan?
Answer: A complete estate plan includes: Last Will and Testament, Power of Attorney for Property (finances), Power of Attorney for Personal Care (health decisions), beneficiary designations on registered accounts and insurance, and potentially trusts. Keep an organized file with all documents and let your executor know where to find them.
Question: When do I need to update my will in Ontario?
Answer: Update your will after: marriage (existing will is automatically revoked), divorce (doesn't automatically change will but may affect gifts to ex), birth/adoption of children, death of beneficiaries or executors, significant asset changes, moving to/from Ontario, and changes to your wishes. Also review if your will is more than 3-5 years old.
Digital Assets Update
Technology changes rapidly. Review your digital asset plan:
- Password manager: Is emergency access set up?
- Social media: Legacy contacts designated (Facebook, Google)?
- Cryptocurrency: Access instructions secure but available?
- Subscriptions: Documented for cancellation?
- Online accounts: List updated with new accounts?
- Digital photos: Backup and access plan?
The "Where to Find Things" Document
Create or update a master document for your executor with:
- Location of will and powers of attorney
- List of all financial accounts and institutions
- Insurance policies and contact information
- Safety deposit box location and access
- Digital account access information
- Professional contacts (lawyer, accountant, financial advisor)
- List of debts and recurring obligations
- Instructions for pets, if applicable
- Funeral wishes and pre-arrangements
Keep It Current
The "where to find things" document is useless if it's outdated. Date each version and commit to updating it annually. Store securely but ensure your executor knows it exists and how to access it. Some people keep a copy with their will, another with their executor.
February Action Steps
Week 1: Gather and Review
- Locate all estate planning documents
- Review will, POAs, beneficiary designations
- Note any changes needed
Week 2: Contact and Schedule
- Confirm with executors/attorneys they're still willing
- Schedule appointments with lawyer if updates needed
- Contact financial institutions for beneficiary changes
Week 3: Execute Changes
- Submit beneficiary change forms
- Meet with lawyer for document updates
- Update digital asset plan
Week 4: Organize and Communicate
- Update "where to find things" document
- Provide copies to executor
- Store originals securely
- Note completion date for next year's review
When to Get Professional Help
Consider professional assistance if:
- You don't have a will or POAs at all
- Your will is more than 5 years old
- Major life changes occurred in 2025
- You have complex assets or family situations
- You own property in multiple jurisdictions
- You want to minimize taxes on estate transfer
- You're concerned about potential challenges to your estate
Get Your Estate Plan in Order
An annual estate plan review is one of the most important things you can do for your family. Our estate planning specialists can help you review your current plan, identify gaps, and ensure everything is up to date for 2026. Don't leave your loved ones with questions or complications.
Contact our Mississauga office to schedule your annual estate plan review.
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