A Notary can help determine the appropriate scope for specific representative(s).
Who should have a Representation Agreement?
Any adult who wants to ensure that a specific person or persons are appointed to make decisions for the adult, especially if that individual has no spouse, no spouse and no children, or if the children are in conflict with one another or would not be good decision-makers.
Wills are a critical tool for outlining wishes for the distribution of assets, guardianship of minor children, and the designation of an executor who will take care of administering an estate. Despite this, a November 2010 survey found that only 51% of adults BC have a Will in place. Without a Will, the court will determine who will be the executor and the law will decide who is entitled to the estate.
Who should have a Will?
Any adult in BC who owns property including real estate, vehicles, or other assets; who has a dependent spouse or children; and/or who wishes to have someone that he or she knows and trusts take care of the estate after death.
A Deed of Gift documents a significant gift to another person during a person’s lifetime. When prepared and notarized by a Notary, it proves the donor’s intention for the gift, which can be required to counter undue influence or arguments after the donor’s death. It can also be useful in circumstances where a person near death wants to transfer his or her assets or home into joint tenancy or who wants to give a significant sum of money or a gift to another person during his or her lifetime.
Who should consider a Deed of Gift?
Anyone who wants to transfer an asset, as a gift, before his or her death
Information Resource Hyperlinks
Vancouver Coastal Health
Vancouver Island Health Authority
Public Guardian and Trustee of BC
Nidus Personal Planning Resource Centre
BC Medical Association
For more information on Advance Planning tools, real-life examples of related situations, and expert spokespeople, please contact Karen Cook: [email protected] or 604 551-9074.