It is a common misperception that you should get a Will only when you have children or buy a home. While these are certainly good times to get a Will, as long as you have a positive net worth (even just one bank account) it is important to get a Will. Why? So that your assets can go to the people whom you want them to. It is also important that everyone know who is in charge of distributing your assets (this person is known as your Executor in British Columbia).
Having a Will allows your chosen Executor to distribute your assets to your loved ones (known as Beneficiaries) in accordance with your wishes.
If you die without a Will, the Wills Estates and Succession Act SBC 2009 governs the manner in which your assets are distributed. While you can apply to the court to deviate from these guidelines, courts may be reluctant to do so without written wishes of the Deceased.
Banks in British Columbia will likely not provide access to or information about a deceased’s bank account or contents of a safety deposit box without a Will, including to a spouse or child of the deceased. In such circumstances, you will likely need to apply for an Order for Estate Administration.
In British Columbia, there are strict guidelines in relation to the signing of your Will, which a lawyer can help you with so that your Will is not at risk of being declared invalid. A lawyer can provide you with advice around estate planning so that your wishes are clear and easy to follow, you are aware of the obligations of your Executor, and so that you may save money by taking actions that may result in your estate not incurring significant fees in the future, such as Probate Fees. The last thing you want is to make a mistake in your Will or cause confusion that may lead to litigation.
A Power of Attorney is a document that allows you to authorize someone else (known as your Attorney) to make decisions relating to your property and finances while you are alive. A Power of Attorney can be a very powerful personal planning tool, for example if you travel often and need someone to sign bank documents on your behalf, or if you are hospitalized and need someone sign documents to sell your property.
An Enduring Power of Attorney allows your appointed Attorney to act for you should you ever be incapacitated. This is an inexpensive way to avoid having to go to court if you are ever legally incapable of managing your own affairs.
A Representation Agreement is a document that allows you to authorize someone else (known as your Representative) to make decisions relating to your healthcare while you are still alive. It is a particularly important estate planning tool if you have specific wishes about your end of life wishes, for example: if your wish is not to be put on life support if you are in a vegetative state.
A Representation Agreement can cover both major health care decisions and minor personal care decisions.
It is important to note that: