Wills and Estate Planning
Do you have a plan for your future and your loved ones?
Wills are a critical tool for outlining one’s wishes for the distribution of assets, guardianship of minor children, and the designation of an Executor who takes care of administering the estate. Despite this, a November 2010 survey found that only 51% of B.C. adults 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.
Why should you have a Will?
Any adult in B.C. who owns property including real estate, vehicles or other assets; has a dependent spouse or children, and wishes to have someone they know and trust take care of their estate after their death.
Most notaries recommend clients review their wills every five years, or when their circumstances change, such as the birth of children, deaths in the family or a change in their financial circumstances. In addition to a will, you should also have a power of attorney/ representation agreement to deal with financial and health care matters in the event that you become physically or mentally incapacitated.
