WILLS/ESTATE PLANNING

Will is a legal document that is used to outline a person’s wishes for the distribution of assets, guardianship of minor children, and the designation of an executor who takes care of administering the estate. If one does not have a will, your asset will be distributed based on a statutory scheme (Part 3, Division 1 of the Wills, Estates and Succession Act, SBC 2009, c 13) and may result in your asset going to a person who you do not wish to inherit. In other words, by not having a will, you lose control over who gets your estate. You also forfeit your right to appoint a guardian of your choice for any of your young children and the court will determine who the executor will be.

Although making a will is a critical part of your estate planning that should be carefully contemplated when drafting it, it does not have to be complicated.

Your Juris Notary can assist in reviewing your estate in detail and come up with a plan to minimize the costs of probating and administering your estate, with an ultimate goal of making sure that your will takes care of you and your loved ones.

With the new statute, anyone who is 16 can have a will in BC (section 36(1) of the Wills, Estates and Succession Act, SBC 2009, c 13) and is particularly recommended to someone who own a property (real estate, or personal assets) and/or have a spouse or children.

Please get in touch with us through various ways to learn more about how a will can help protect your assets and ensure that your wishes are honored.

Although planning for the worst is not something we want to think about, it is something that we should do for the sake of your family and loved ones. In an event where you have a debilitating disease such as mental illness, accident or stroke, an Enduring Power of Attorney (Power of Attorney Act, RSBC 1996, c 370) will allow your designated attorney to make important financial and legal decisions on your behalf.
Also, a non-enduring power of attorney can be used for a specific circumstance (such as selling a house or managing your bank account) while you are absent or away on a vacation.
If you require someone else to make any financial or legal decisions on your behalf without a power of attorney, it will require a very lengthy and expensive process of a court-appointed committee. Additionally, it may result in the Public Guardian and Trustee taking over their affairs.
So no matter what your needs are a Power of Attorney is essential for those who:

• want to ensure a trusted person will take care of their financial obligation such as paying bills, taxes and financial investments in the event of incapacity or absence;
• may currently need assistance with daily finances, or in the future;

Please contact the Juris Notary to find out more about Power of Attorney.