Once you create your will and store it away, it’s an easy thing to forget about. However, certain changes in your life or the lives of others may call for a change to your will.

Here are four areas worth monitoring. Also note the common guideline to review your will every three to five years.

Major life changes. A change in your marital status typically means updating your will, whether you recently married, divorced or became widowed. When it’s a marriage that creates a blended family, you may use your will and other estate planning measures to take care of your children from a previous marriage.

If a child reaches the age of majority, you may wish to name them as the executor or alternate executor of your will.¹

Reviewing beneficiaries. You may have reason to add or remove a beneficiary or change the amount of a beneficiary’s inheritance. Perhaps you’re adding a child, grandchild, niece or nephew, or removing someone who passed away. You change one child’s inheritance because you gifted them funds for a down payment on their first home. Or in retirement, you add a charity as a beneficiary.

Change in your financial status. Moderate changes in your financial situation are unlikely to call for updating your will, but a significant change may. For example, you have bought or sold a property or business, or received a large inheritance.

Choice of executor. If it’s been quite a few years since you named your executor, it’s a good idea to make sure they’re still willing and able to assume the duties. You may want to change your choice of executor if they no longer live close to you. Also, if your estate has become more complex, you may wish to name a professional or trust company as your executor.

If you need a new or amended will, consult your legal counsel.

¹ Executor is also known as a liquidator, estate trustee or personal representative, depending on the province.