How Tying the Knot Affects Your Finances

With marriage comes great financial opportunities. A financial planner can help you and your spouse set a plan for the future, as a couple.

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How Does Getting Married Affect My Will?

Revising your Will and other estate documents is very important when you get married—or if you divorce or remarry.

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4 Things to Know

1.Getting Married Can Revoke a Previous Will

In some provinces and territories, when you get married, your previous Will is automatically revoked or cancelled, unless it clearly states you were about to get married and that you want the Will to stay valid after the marriage.

2.Your Beneficiary Designation is Important

As a married couple, you can minimize the cost and time to administer your estate by naming each other as beneficiary on your various plans and insurance policies. Keep in mind that if you divorce, the beneficiary designation will not change automatically. Be sure to update these plans if you want the beneficiary updated.

See Estate Planning is More than Just a Will
3.Divorce Doesn’t Invalidate Your Will

Divorce itself does not cancel your Will, but, in some provinces and territories, divorce or separation will automatically revoke the workplace/employment/company benefits for your former spouse unless your Will states otherwise.

Tip: If you’re a business owner, it’s especially important to make sure your Will is up to date to ensure your business can continue uninterrupted.

See Protecting Myself Financially in a Divorce
4.A Former Spouse is No Longer Your Executor

In some provinces and territories, if you have appointed a former spouse as executor, your divorce will revoke or cancel this appointment. If you want your ex-spouse to be your executor, talk to your legal advisor about updating your Will to say so.

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RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

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