Should I update my will after I receive a large inheritance or windfall in Ontario?

Yes. A significant increase in your assets is one of the most common — and most overlooked — triggers for a will review. When the size of your estate changes materially, the distribution plan in your existing will may no longer reflect your intentions or be optimal from a tax perspective.

For example, a will that was drafted when you had modest assets may have left fixed dollar amounts to beneficiaries. If your estate has since grown substantially, those fixed gifts become a small fraction of your estate, and the residue may go entirely to parties you did not intend. Alternatively, a large estate may now benefit from trust structures that were not warranted before — for example, trusts for minor children or a spousal trust.

There are also tax considerations. A larger estate means more potential Estate Administration Tax at probate (calculated on the entire estate value), more capital gains on deemed disposition at death, and potentially more exposure for your beneficiaries. Strategies like secondary wills, beneficiary designation updates, and trust provisions may now make financial sense.

Finally, if your estate has grown, your estate trustee's role has also grown in complexity. Confirm that your named trustee is still the right person to manage what is now a larger and potentially more complicated estate.