Wills & Estate Planning

WHAT DOES A WILL DO?

A Will is a document which gives your executor (the person you choose to be in charge of your estate) to distribute your assets to your family, friends and others named (known as Beneficiaries) in accordance with your wishes.

WHEN SHOULD YOU GET A WILL?

As long as you have an asset in your name (even one bank account) it is important to get a Will so that everyone, including your banking institution, knows who is in charge of distributing your assets, to facilitate your assets going to your loved ones.

WHAT HAPPENS IF YOU DIE WITHOUT A WILL?

When you die without a Will, the distributions of your estate are governed by the legislative formula contained in the Wills, Estates and Succession Act. While you can apply to the court to deviate from this mechanism, courts may be reluctant to do so without written wishes of the Deceased.

Anyone in your family can apply to be the executor (known as Estate Administrator when there is no Will), and can likely do so, subject to some exceptions, the most common one being where a family member disputes the application.

WHY SHOULD YOU USE A LAWYER TO DRAFT YOUR WILL?

A lawyer’s job in putting together your Will is to ensure that you receive proper advice around estate planning and so you understand what you can and cannot do under applicable law. After receiving your advice, the lawyer will draft the Will in accordance with your instructions. There are strict formalities that are involved with the signing of a Will, that if not followed to the letter of the law, can result in your Will being declared invalid.

DO YOU NEED A POWER OF ATTORNEY?

A Power of Attorney can be a very powerful personal planning tool, allowing a person of your choosing (known as your Attorney) to make financial and property decisions for you. An Enduring Power of Attorney allows your appointed Attorney to act for you should you ever be incapacitated. Short of having an Enduring Power of Attorney, if you become incapacitated later in life, your loved ones would have to incur significant legal fees applying to court to obtain an order providing them with the power and authority to manage your affairs.

WHAT IS A REPRESENTATION AGREEMENT AND SHOULD YOU HAVE ONE?

A Representation Agreement allows you to authorize someone else (known as your Representative) to make medical decisions for you, both major and minor. It is important if you have specific wishes about your end of life wishes, for example: no life support if you are in a vegetative state.

*In B.C, you may only sign a Will, Power of Attorney or Representation Agreement when you reach the age of majority which is 19; Your Power of Attorney and Representation Agreement are no longer valid when you die; Once you are deemed mentally incapable of managing your own affairs, you cannot sign a Will, Power of Attorney or Representation Agreement.

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