Estate Planning

Estate planning in British Columbia (BC), Canada, involves the process of arranging for the distribution of your assets and the management of your affairs after your death or in the event of your incapacity. The primary goals of estate planning are to ensure your wishes are carried out, minimize taxes and fees, and provide for your loved ones.

Wills

A will is a crucial document that outlines how you want your assets to be distributed after your death. In BC, a will must be in writing, signed by you in the presence of two witnesses, and properly executed to be legally valid. Without a will, the provincial laws of intestacy will dictate how your assets are distributed, which may not align with your wishes.

Powers of Attorney

A power of attorney allows you to appoint someone to make financial and legal decisions on your behalf if you become incapacitated. This document can be limited to specific tasks or be enduring, giving broad authority. You can also specify when it becomes effective.

Representation Agreements

A representation agreement allows you to appoint someone to make health and personal care decisions for you if you are unable to do so. This document is important for ensuring that your healthcare preferences are followed.eman

Related To

Electronic Wills

Why do you need a will?

1. Legislation determines what will happen if you don't

If you do not have a will, the Wills Estates and Succession Act will determine how your estate will be distributed. This is likely different than what you would choose for yourself.

2. Trust for children

Children under the age of 19 cannot receive money from your estate until they become adults. If you do not have a trust for children in your will, the money that goes to your children will be held by the Public Guardian and Trustee.

3. Guardians for children

Your will determines who will look after your children if you die before they are adults. This is not a decision you want to leave to chance or risk having a long period of delay before it is finally resolved.

4. Making your executor or administrator's life easier

Appointing your executor in your will makes your executor’s job easier. It also tells other people that they are the correct person to administer your estate.

Review and Update

Regularly review and update your will to reflect changes in your life, such as marriage, divorce, births, deaths, or significant changes in your financial situation.

Don't put it off

People do not like talking about death or incapacity and so they avoid it. No one knows what the future will hold so it is important to ensure that you have a proper plan.

Legal Protection

Make sure your estate is distributed as you want. Avoid disputes and problems for those people you leave behind.

We Take Care

An experienced estate planning lawyer will ask your questions and make you consider things that you probably would not otherwise.

Specific bequests

A specific bequest is something the testator (the person making the will) has identified as a particular item or a specific amount of money to be given to a named individual. For example, a specific bequest could be something like “I bequeath my vintage car to my friend, John Smith,” or “I bequeath $10,000 to my nephew.”

Specific bequests clarify the testator’s intentions and ensure that the testator’s wishes regarding specific assets are carried out.

Residue

The residue of an estate, often referred to as the residual estate or residuary estate, is what remains of a person’s assets and property after all debts, taxes, expenses, and specific bequests have been settled and distributed according to the terms of a will or applicable laws of intestacy. In other words, the residue is what’s left over.

When someone creates a will, they may specify certain gifts or bequests to particular individuals or organizations. These are considered specific bequests. After those specific bequests are satisfied, the remaining estate is known as the residue. The residue is typically distributed among the residual beneficiaries, who are individuals or entities named to receive a share of the remaining estate.

Spousal Trusts

A spousal trust in a will provides a benefit to a surviving spouse after the testator’s death (the person making the will). This type of trust is often used in estate planning to provide for the financial well-being and security of the surviving spouse while also addressing issues such as tax planning and asset protection.

Spousal trust can be effective in blended families to allow a step-parent of your children to have the use of estate assets for their lifetime or a specified period without those assets transferring to your spouse’s estate when they die.

Disability Trusts

A disability trust is designed to provide financial support to cover the specific needs of the individual with a disability. This may include medical care, education, rehabilitation, housing, and other necessary expenses.

One of the primary purposes of a disability trust is to preserve the beneficiary’s eligibility for government assistance programs. Direct gifts or bequests to the individual might affect their eligibility for these programs, but a properly structured trust can avoid this issue.

A disability trust gives the trustee has complete discretion over when and how to make distributions to the beneficiary with a disability. This discretionary nature helps ensure that the trust assets do not interfere with the beneficiary’s eligibility for government assistance programs.

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Estate Lawyers Kamloops

Lawyers at AuBuchon Law

Courtney AuBuchon