Annual Estate Plan Review Checklist — Is Your Canadian Will Still Current?

Last updated July 3, 2026 · 4 min read
Quick answer
Annual estate plan review takes 30-60 minutes and addresses — beneficiary designations on RRSPs/TFSAs/insurance, named executors and guardians (still appropriate?), family changes (births, deaths, marriages, divorces, moves), financial changes (new accounts, sold properties, new assets), business interests, charitable bequest preferences, funeral wishes, digital account inventory updates, document storage location. Most Canadians never review their estate plan after creating it, and many wills fall out of date within a few years.

The single biggest estate planning mistake Canadians make is creating a will once and never looking at it again. Life changes — relationships, assets, family, intentions — but the will sits in a drawer reflecting your situation from years ago. The fix is a structured 30-60 minute annual review. This checklist organizes the review.

When to use this checklist

For Canadians who have a will and want to keep it current. Once a year, on a memorable date (tax season, birthday, will anniversary). Also use after any major life event between annual reviews.

The checklist

Family changes since last review

  • Any births in the family?
  • Any deaths of named people (executor, guardian, beneficiary, witness)?
  • Any marriages in the family?
  • Any divorces or separations?
  • Any new common-law relationships?
  • Any new dependants or step-relationships?
  • Any family members who have moved out of country?
  • Any changes in dependent care needs (disability, special needs)?

Personal changes

  • Have you moved to a different province?
  • Have you changed legal name?
  • Have you become a Canadian citizen or other immigration change?
  • Have you experienced a major health change?

Asset changes

  • Any new bank accounts opened (or closed)?
  • Any new investment accounts (or closed)?
  • Any properties bought or sold?
  • Any vehicles bought or sold?
  • Any new significant personal property (art, jewellery, collections)?
  • Any new business interests or business changes?
  • Any foreign assets acquired?
  • Significant changes in account values (large RRSP appreciation, etc.)?

Beneficiary designations — annual check

For each registered plan and insurance policy:

  • RRSP — current beneficiary still appropriate?
  • RRIF — current beneficiary still appropriate?
  • TFSA — current successor holder or beneficiary still appropriate?
  • RESP — current subscriber and beneficiary still appropriate?
  • Life insurance policies — beneficiaries still appropriate?
  • Employer pension — survivor beneficiary still appropriate?
  • Employer group life — beneficiary still appropriate?

Named roles — still appropriate?

  • Executor — still alive, still willing, still appropriate?
  • Backup executor — still alive, still willing, still appropriate?
  • Guardian for minor children (if applicable) — still appropriate?
  • Backup guardian — still appropriate?
  • Power of Attorney for Property — still appropriate?
  • Power of Attorney for Personal Care — still appropriate?
  • Trustee for any trust — still appropriate?

Specific bequests

  • Any specific bequests still relevant (items still owned, recipients still alive)?
  • Any new specific bequests you want to add?

Charitable bequests

  • Charities named are still active and properly registered?
  • Charity names and registration numbers still accurate?
  • Percentage or amounts still reflective of your wishes?
  • Any new charities you want to add?

Funeral and end-of-life wishes

  • Funeral preferences still accurate?
  • Organ donor registration still current?
  • Body donation registration current (if applicable)?
  • Advance care directive (PoA for Personal Care) still accurate?

Digital and document inventory

  • Digital account inventory updated?
  • Password manager emergency access still configured?
  • Document storage location still accurate?
  • Life Discovery Kit updated (if you use one)?

Action items

  • Anything that requires updating the will? (book a session)
  • Anything that requires updating a beneficiary designation? (contact the institution)
  • Anything that requires updating a POA?
  • Anything that requires informing the executor or family?
  • Set a reminder for next year's review

Download a print-ready PDF

Download the Annual Estate Plan Review checklist PDF →

Want a checklist customized for your situation?

This is the standard version. It's Simple Will customers get a personalized annual review that pre-fills with your actual current designations, named people, and bequests — so the review becomes a confirmation exercise ("RRSP beneficiary is your spouse X — still correct?") rather than a research exercise ("what did I designate?").

Learn more about It's Simple Will →

Citations & sources

  1. [1]Canada.ca — What to do when someone dies: Prepare for end of life — Government of Canada
  2. [2]Canada.ca — Having a will and making funeral plans — Government of Canada

Frequently asked questions

When should I do the review?

Pick a memorable date — tax filing season (you're already gathering financial information), your birthday, the anniversary of when you wrote your will. Many Canadians use the end-of-tax-season window in April-May because financial documents are already organized.

When does the will itself need to be updated?

After any major life event — marriage, divorce, birth of a child, death of a beneficiary, death of your executor, move to a new province, major asset purchase or sale, business start or sale, change of guardianship preferences. The annual review catches whether any of these have happened since your last review.

What if nothing has changed?

That's the best possible outcome. A 5-minute review confirming nothing has changed is still valuable — you've confirmed your plan is current and you've kept your familiarity with where everything is documented.

How often do Canadians actually do this?

Honestly, rarely. In practice, relatively few clients ever come back for an annual review after signing their will. The result is widespread outdated wills that don't reflect current family structure or assets. The 30-minute annual review is one of the highest-leverage estate planning practices.

What about my Powers of Attorney?

Also worth annual review. Your Power of Attorney for Property and Power of Attorney for Personal Care (or provincial equivalents) need the same review — are the named people still appropriate? Still alive? Still in your life? POAs are arguably more time-sensitive than wills because they take effect during your life if you lose capacity.

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