Thanks to recent modernizing updates to the Prince Edward Island Wills Act, getting married no longer automatically revokes your existing will. However, because your new spouse gains immediate statutory rights to your estate, it is highly recommended to update your will within 1 to 3 months of your wedding. A standard updated will package from a local law firm generally costs between $400 and $800 CAD.
Getting married is an incredibly exciting milestone, but it also brings massive changes to your financial and legal responsibilities. Historically in Prince Edward Island, tying the knot would automatically cancel out any previous will you had written, unless it was made specifically in contemplation of that exact marriage. However, recent provincial legislative updates have completely changed this rule. Today, your old will remains legally valid even after you say “I do.”
While this prevents people from accidentally dying without a will (intestate), it creates a very dangerous situation if you forget to update your documents. Your new spouse has powerful legal rights to your estate under PEI law. If your old will leaves everything to your parents or siblings, your spouse may be forced to file a stressful dependant relief claim in the Supreme Court of Prince Edward Island to get their fair share. This guide explains the step-by-step process of updating your estate plan to accurately reflect your new married life. 💍
Step-by-Step Process in Prince Edward Island
Whether you are settling down in a historic home in Charlottetown or buying a scenic property in Summerside, updating your will is a straightforward but essential process. You must proactively align your legal documents with your new family structure.
Step 1: Review Your Existing Estate Documents
The very first thing you must do is locate your current will and read it carefully. You also need to check the designated beneficiaries on your life insurance policies, TFSA accounts, and RRSPs. These financial accounts bypass your will entirely, so if your ex-partner or sibling is still listed on your RRSP, they will get the money directly, not your new spouse. 📄
Step 2: Discuss Shared Assets and Spousal Support
Have an open, honest conversation with your new spouse about how you want to handle your combined estate. If either of you has children from a previous relationship, you must carefully plan out decision-making responsibility and potential child or spousal support obligations. Blended families often require more complex planning to ensure both the new spouse and the children are fairly protected.
Step 3: Consult a Local PEI Law Firm
While do-it-yourself kits exist, it is strongly advised to hire an experienced lawyer to draft your new will. A local law firm deeply understands the specific nuances of the PEI Wills Act and the Dependants of a Deceased Person Relief Act. They will ensure your new will is perfectly structured so that your spouse is adequately provided for without accidentally disinheriting your other loved ones. 💼
Step 4: Properly Sign and Execute the New Will
Once the document is perfectly drafted, you must sign it in the physical presence of two independent adult witnesses. These witnesses cannot be your spouse or anyone who is receiving a gift in the will. Once signed, store the original document in a fireproof safe or at your lawyer’s secure vault, and destroy all copies of your old, outdated will.
How Much Does it Cost in Prince Edward Island?
Updating your will is a highly cost-effective way to protect your family from massive legal bills later.
- Standard Individual Will: Hiring a lawyer generally costs between $300 and $500 CAD.
- Couples Will Package (Mirror Wills): Most law firms offer a bundled rate for married couples, typically ranging from $400 to $800 CAD.
- Complex Estate Planning: If you own a large business, have complex trusts, or need a detailed marriage contract included, costs can exceed $1,000 CAD.
How Long Does the Process Take?
You should ideally begin the process within 1 to 3 months after getting married. Once you contact a law firm in PEI, the actual drafting process is quite fast. You will typically have an initial consultation, and the lawyer will provide a draft within 1 to 2 weeks. After you review and approve the draft, you can schedule a brief 20-minute signing appointment. The entire process from start to finish usually takes less than 3 to 4 weeks. ⌚
Frequently Asked Questions (FAQ)
Does getting a divorce revoke my will in PEI?
Under recent PEI law updates, a formal divorce or a separation lasting more than two years will generally treat your former spouse as if they had died before you, effectively cancelling any gifts left to them in the will, unless the will explicitly states otherwise.
Do common-law partners have the same rights as married couples in PEI?
Yes, in Prince Edward Island, if you have lived together in a conjugal relationship for at least 3 years (or less if you have a child together), your common-law partner has similar statutory rights to your estate as a legally married spouse if you die without a will.
Can I just cross out names on my old will and write in my new spouse?
No. Hand-written alterations on a typed, witnessed will are generally not legally valid unless the alterations are also signed and witnessed properly. It is always much safer to simply draft an entirely new will.
Does the CRA need to know about my updated will?
The CRA does not need a copy of your will while you are alive, but you must formally update your marital status with them to ensure your household taxes and government benefits are calculated correctly.
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