Dear Nancy,
My mother is getting on in years and in ill health. She has never discussed her will with me and I am afraid to ask. I have always been the one to care for her and my brother has not really helped. I think that I should be entitled to more, not only because I have done most of the work looking after her, but I am a single mother with less income than my brother. Can my mother change her will at this point, or not? Signed Michelle
Dear Michelle,
No one like to face the prospect of one's death. One of the first questions I ask someone I am doing a review for is, "Do you have an up-to-date will?"
Someone's estate wishes are a very personal decision. Since you don't know the exact contents of her will it is presumptuous for you to jump the gun.
Assuming your mother was of sound mind when she drafted her existing will, whatever she chose to be done are her true wishes and should be abided by.
When a beneficiary requests changes to the will it could come under question. For her to change her will, if there is any question of her mental capacity it will open the final will up to scrutiny. There are many factors that could put the estate into litigation, which in itself can be quite costly.
The only suggestion you can make is that she review her will with the lawyer that drafted it or an independent for possible tax efficiency opportunities or planning.
If she makes the decision that her will needs to be altered in any way, it would be a good idea to have an assessment done to test her mental capacity, especially if she is in ill health.
It is always a good idea for anyone to review their will when there is any major life change or at least every five years. There are many wealth management services that provide will and estate reviews other than lawyers. Having one's full financial profile reviewed at any stage of life is a good idea.
Nancy Woods, CIM, FCSI, is an associate portfolio manager and investment advisor with RBC Dominion Securities Inc. To ask her a question, send an e-mail to asknancy@rbc.com or visit her web site at nancywoods.com
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