Need a New Year’s Resolution? Update Your Important Documents!
We recently wrote about certain changes to the Canadian Passport application process had been implemented recently, and that with the holidays approaching it was important for those who intended to travel to ensure their documents were in order.
The truth is, there is no need to wait until travel plans are imminent or until other important milestones occur (such as a marriage or divorce, or a death in the family) to do a little checking up on the state of your important documents. Consider it a New Year’s resolution to add to your list (but one that you actually stick to).
Here are a few suggestions to consider:
• Travel, Health and Medical Information. In addition to making sure that these documents are safeguarded in a secure-but-accessible location, it’s also important to verify that they are current. Is your Passport due to expire soon? Do you have ready access to your Health Card if needed? For any children that you have, are their Immunization Records up-to-date?
• Testamentary Instruments. It’s never a bad idea to review your Will regularly – perhaps every year or two. While this is particularly true where life events have prompted a needed change to designated beneficiaries (for example where there has been a divorce or where a beneficiary under your Will has died), other personal circumstances or simply the sheer passage of time may prompt your wanting a change.
• Insurance and Investments. Similarly, anytime you have designated a beneficiary, for example in connection with your life insurance policy, or in an RRSP, it is important that you give periodic consideration to whether the designation remains appropriate as time passes. You should also give some thought to whether a secondary or residual beneficiary should be named, in case the primary beneficiary passes away first.
• Powers of Attorney. Whether you have a Power of Attorney for Property or a Power of Attorney for Personal Care (or both), you should review these documents on a periodic basis and consider whether they still reflect your wishes in the event you become incapacitated.
There are many other documents and personal information that could benefit from a periodic review; this list is merely a good starting point.
At Russell Alexander, Family Lawyers our focus is exclusively family law, offering pre-separation legal advice and assisting clients with family related issues including: custody and access, separation agreements, child and spousal support, division of family property, paternity disputes, and enforcement of court orders. For more information, visit us at www.RussellAlexander.com.