Wills and Estates

Wills & Estates Practice Group

The members of our Wills & Estates Practice Group takes exceptional pride in providing advice on Wills, Power of Attorney, Representation Agreement, Estate Planning and Estate Administration, and Trust. This area of practice is critical to ensuring financial security and members of the practice group advise our clients on the most advantageous method of organizing their financial affairs. In addition, the practice group assists individuals and corporate trustees in the administration of estates so matters are resolved in a timely and cost effective manner.

Our practice includes the following areas:

Wills
Power of Attorney
Representation Agreement
Probate and Estate Administration
Trusts

Why do you need a Will? Its a Question of Who, What and When?

WHO will get your real and personal property upon your death? In your Will, you get to name the people or institutions to whom your property will be transferred upon your death. These people are called your “beneficiaries” as they will receive a benefit from your estate. Without a Will , if you are domiciled in British Columbia, your beneficiaries are designated for you under the Wills, Estates and Succession Act. However, bear in mind that under the Wills, Estates and Succession Act, a spouse or child can challenge a Will in court if they feel the Will did not make adequate provision for their maintenance and support.

WHO do you want to act as your Executor and Trustee? Under a Will, you get to name the person who will handle your final affairs and distribute your property to your beneficiaries in accordance with your instructions. This person is called your “Executor”. You also get to appoint the person you want to act as your “Trustee” to hold all or a portion of your estate in trust for your beneficiaries in the manner directed under your Will. This is particularly important if one of your potential beneficiaries is a minor child or grandchild. Without a Will, someone will have to apply to the Court to be appointed as your Estate’s Administrator and the Public Trustee may have to act as your Trustee.

WHO do you want to act as your child’s Guardian? A Will is often the vehicle used by parents to appoint a guardian for any minor children alive at the death of the surviving parent. Without a Will, the public guardian and trustee will inevitably be involved and the person who ultimately obtains physical custody of the child may not be the person you ideally would have chosen.

WHAT will your beneficiaries receive and under WHAT conditions? In a Will, you get to specify what asset a beneficiary is to receive or what portion of the Estate they are to get. You can also attach certain conditions to the gift such as the granting of a life interest in the property or specifying the use to which the money must be put. Without a Will, your Estate is simply divided in accordance with the mandatory legislative scheme set out in the Wills, Estates and Succession Act.

WHEN will your beneficiaries receive their gift or portion? In a Will, you get to specify whether your beneficiaries are to be given their bequest outright (subject to them legally being capable of handling their affairs) or at a later date. Without a Will, your estate is distributed in accordance with the Wills, Estates and Succession Act.

As an added bonus, the cost of administering an Estate with a Will (applying to the Court for Letters Probate) is often significantly lower then administering an Estate under the Wills, Estates and Administration Act (applying to the Court for Letters of Administration). In British Columbia, any Estate with a gross value over $25,000 must be administered through the Courts.

A member of Veritas Law’s Wills & Estate Practice Group would be please to meet with you to discuss your estate planning needs.