Episode 89: You Have a Will. When Did You Last Look at It?

Published November 2, 2026

Your will may have been carefully prepared years ago. But does it still reflect your wishes today?

In this episode of Money Monday, Darren Devine, Financial Planner with Sun Life and President of Devine & Associates, explores an important estate-planning question:
When was the last time you reviewed your will?

Creating a will is an important step in preparing for the future. But a will reflects your circumstances, relationships and wishes at the time it was prepared.
And those things can change considerably over the years.

Perhaps you've married, separated or divorced. Maybe you've welcomed children or grandchildren into your family. You may have purchased a new home, sold property, retired or experienced significant changes in your financial situation.

Even if your wishes haven't changed, the people you originally named to carry them out may be in very different circumstances today.
That's why reviewing your estate plan periodically—and following significant life events—can be an important part of ongoing financial planning.

This episode explores four areas worth revisiting:
→ Family and relationships: Have marriage, separation, divorce, births, deaths or changing relationships affected your wishes?
→ Executors and powers of attorney: Are the people you've chosen still appropriate, willing and able to carry out their responsibilities?
→ Property and financial assets: Does your estate plan still reflect your home, investments, retirement accounts and other assets?
→ Beneficiary designations: Have you reviewed the beneficiaries named on eligible registered accounts, pensions and insurance policies?

One important consideration is that your will and your beneficiary designations don't always operate in the same way.
Certain assets may pass according to valid beneficiary designations or ownership arrangements rather than the distribution instructions in your will. The legal effect depends on the asset, designation and applicable law.

That's why updating your will alone may not address every part of your estate plan.
Similarly, reviewing the people named in your powers of attorney is a separate but related part of planning for situations where you may need someone to act on your behalf during your lifetime.

A thorough review can help identify inconsistencies, outdated instructions or decisions that no longer reflect your intentions.

Estate planning isn't necessarily about rewriting your will every few years.

It's about making sure the documents and arrangements you've already put in place still support your wishes and the people who matter most to you.
Your financial planner can help you review the broader financial picture and coordinate with your legal and other professional advisors where appropriate.
Because your estate plan shouldn't only reflect the life you had when you signed it. It should reflect the life you have today.

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Related Money Monday Episodes

Reviewing your will is only one part of maintaining an estate plan that reflects your current life. Choosing the right people, communicating your wishes, keeping beneficiary information current and preparing your family for future responsibilities are all connected considerations.

These Money Monday episodes explore some of the decisions that can help keep your estate plan organized and aligned with your wishes.

Episode 23: The Complexities of Being an Executor
Being named an executor involves important administrative, legal and financial responsibilities. This episode explores what the role can involve and why understanding those responsibilities can help families prepare.

Episode 31: Power of Attorney: What Most People Forget
Powers of attorney are an important part of planning for situations where you may be unable to manage certain decisions yourself. This episode explores why those arrangements deserve attention alongside your other estate documents.

Episode 34: Choosing the Right Executor: What You Need to Know
The person you chose as executor years ago may not be the person best suited to the role today. This episode explores what to consider when choosing someone to administer your estate and why that decision deserves careful thought.

Episode 36: How to Talk to Your Family About Your Estate Plan
Having important documents in place is one part of estate planning. Communicating your wishes and helping family members understand future responsibilities can be just as valuable. This episode explores why those conversations matter.

Episode 69: The $100,000 Mistake: Poor Beneficiary Planning
Your will isn't necessarily the only document that determines who receives certain assets. This episode explores why reviewing beneficiary designations on eligible accounts and insurance policies is an important part of maintaining your overall financial and estate plan.

You Have a Will. When Did You Last Look at It?

Presented by Darren Devine, CFP®, CLU®, Financial Planner, Sun Life and President of Devine and Associates Financial Services Inc.

Having a will is important.

But having a 15-year-old will that no longer reflects your life can create a very different problem.

Because think about how much can change in 15 years.

Your family. Your home. Your relationships. Your finances.

So when was the last time you actually looked at yours?

Hello, and welcome to Money Monday, where we help simplify your financial journey.
I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. I’ve been helping families across Ontario plan, protect, and enjoy their retirement income for over 20 years.

Creating a will can feel like one of those financial tasks you check off the list once and forget about.

But your estate plan was created around your life at a particular point in time.
And life doesn't stay still.

So here are a few reasons it may be worth reviewing.

1. YOUR FAMILY MAY HAVE CHANGED

Marriage. Separation or divorce. Children. Grandchildren.

Maybe someone named in your original will has passed away, or a relationship has changed significantly.

Your wishes today may simply be different from the ones you documented years ago.

That's reason enough to make sure the documents still reflect what you actually want.

2. THE PEOPLE YOU CHOSE MAY NO LONGER BE THE RIGHT PEOPLE

Think about the executor you originally named.

Are they still willing and able to take on that responsibility?

What about the people you've named in your powers of attorney?

These aren't honorary titles.

You're choosing people who may eventually be asked to make important decisions or manage significant responsibilities on your behalf.

Those choices deserve another look from time to time.

3. YOUR FINANCIAL LIFE MAY LOOK COMPLETELY DIFFERENT

Maybe you've bought or sold property.

Your investments have changed.

You've accumulated different assets.

Or retirement has completely changed your financial picture.

Your estate documents need to be considered alongside the financial life you actually have today—not the one you had when they were originally created.

4. DON'T FORGET YOUR BENEFICIARY DESIGNATIONS

And this is one people sometimes overlook.

Your will isn't necessarily the only place you've named beneficiaries.

You may also have beneficiary designations associated with things like registered accounts, pensions or insurance policies.

We've talked before on Money Monday about why beneficiary planning matters.

The important point here is that your will and your beneficiary designations should both be part of the review conversation.

Don't assume updating one automatically takes care of everything else.

Estate planning isn't necessarily about constantly changing your will.

It's about making sure the plan you already put in place still reflects your wishes.

So here's a simple question:

If your estate plan had to be used tomorrow, would you be comfortable with every decision you made when you originally created it?

If you're not sure, it may be time to pull those documents out, review your beneficiary designations, speak with your financial planner and, where appropriate, your lawyer.

Because an estate plan shouldn't just reflect who you were when you signed it.

It should reflect the life—and the people—you care about today.

Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!

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