Disclaimer: the information listed in this article is not exhaustive. This is for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Please contact us at 604 416 0211 or info@jurisnotary.com for more information.
What is a Will and Testament?
A will is a legal document 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.
An executor is the legal representative of choice, named in a person’s will, assigned to manage the individual’s will and assets distribution, once that individual has passed away.
Why Should I Prepare a Will and Testament?
A will and testament guarantees that your surviving spouse, children (if any), immediate family members and/or other friends or relatives will inherit your assets and personal property as assigned. Without one, your asset would be distributed based on a statutory scheme (Part 3, Division 1 of the Wills, Estates and Succession Act, SBC 2009, c 13).
Put simply, this means that you may lose control over who gets your estate once you pass away, and the courts may decide who will be the executor of your assets and personal belongings. By not having a will prepared, you may forfeit your right to appoint a guardian of your choice for your children.
Making a will is a critical part of your estate planning that should be carefully contemplated, so it is highly advisable for you to speak with a legal professional, such as a Notary Public, to help plan, prepare and process your will and testament.
When Should You Draft a Will and Testament?
Generally speaking, anyone over the age of 16 legally can and are advised to have a will and testament. When should you have a will and testament drafted? If any of the following applies to you, you should consider getting a will and testament drafted as soon as possible.
You should get a will and testament drafted in cases where:
- You have a positive net worth
- You own property or have assets to be distributed if you pass away
- You own a business and will need to pass your company to your heirs or co-owners
- You’re concerned about who would end up with your assets once you pass away
- You want to use your will to declare financial gifts or charitable donations
- You want to leave specific instructions about how your pets should be cared for
It is never too early to prepare for a will and testament. To see loved ones get sick or to lose someone can be extremely difficult, and so having a will and testament drafted ahead of time can ease the process of bureaucratic technicalities for your family and friends to worry about during such a difficult time.
As always, it is highly recommended that you consult with a Notary Public regarding your will and testament to make the process as smooth as possible.
Preparing for a Will and Testament
Here are a list of things to consider when preparing for your will and testament to be drafted:
- You should devise a plan which outlines your personal assets and properties distribution
- You will need to decide on an executor to manage your will and assets once you pass away
- You may wish to include life insurance policies outlined in your will to inform about those policies more clearly for your beneficiaries
- You should update your will and testament as your life changes throughout the years — births, deaths and divorce can affect the terms laid out in your will and testament, so be sure to keep your Notary Public updated on such changes when they occur.
- You should research, discuss and/or inform your beneficiaries of estate taxes should they inherit your assets. Preparing a will can help minimize estate taxes, and should be discussed in detail with your Notary Public.
- You should discuss probate fees with your beneficiaries regarding the procedure and processing of estate transfers as outlined in your will.
How Juris Notary Can Help You
At Juris Notary, we can help with the planning and processing of your will and testament as needed. We maintain a standardized procedure where we can meet our clients in person and go over any questions or concerns you may have regarding your legal documents.
Should you have any further questions regarding will and testaments, or about the services that a Notary Public can provide for you, feel free to contact us at 604.416.0211 or info@jurisnotary.com to speak with a legal representative today.