Thoughtful estate planning gives residents in New Westminster, Abbotsford, and across the lower mainland control over what happens to their property, business, and medical care when they can no longer speak for themselves. Hiring a wills and estates lawyer helps ensure those wishes are respected under British Columbia law and reduces the risk of costly disputes among family members.
Estate planning
Estate planning lets you decide in advance who manages your finances if you’re injured, who can make health-care decisions if you become incapable, and who receives your home, farm, or savings when you pass away. The Wills, Estates and Succession Act (WESA) lays out what happens if you don’t have a valid will, which might not reflect your intentions.
Planning Ahead For Your Family
Without a plan, families may need to apply to court for authority to deal with assets, which can cause major delays, conflicts and unexpectedly high expenses. With proper estate planning, you reduce the likelihood that relatives will need to resort to the courts.
Key Components of a Comprehensive Estate Plan
Wills
A will is a legal document clearly defining how you want your assets distributed upon your death and who will administer your estate. If you die without a valid Will, your estate will be distributed according to the intestacy provisions of WESA. The intestacy provisions of WESA may not reflect your wishes or the expectations of your intended beneficiaries. This may be particularly the case for blended families and business owners.
Powers of Attorney
Legally appointing one or more people to manage your financial and legal affairs while you’re alive. A power of attorney pays bills, manages bank accounts and deals with your estate if you lose capacity. Cassady Law is well-versed in assisting families seeking court orders where no valid power of attorney existed before incapacity, a process that is more complex and expensive.
Representation Agreement
A representation agreement authorizes your appointed representative to make medical and personal-care decisions on your behalf, including long-term care and end-of-life choices. Your lawyer ensures that your representation agreement is tailored to your circumstances.
Trusts and Beneficiary Designations
A trust is a legal entity that holds and manages assets for the benefit of specific individuals. A Trust can protect young children, support family members with disabilities, or help blended families avoid conflict over inheritance.
Beneficiary designations allow you to transfer assets directly to individuals regardless of the terms outside your will. They are applied to RRSPs, TFSAs, pensions and life insurance policies aligned with your broad estate plan, and the BC Financial Services Authority provides guidance on how these designations work in practice.
Getting Started With Your Estate Plan
Make a list of the assets you own and who you would like to receive them. This will assist your lawyer in preparing your estate plan and identifying potential legal issues. Having an open discussion with your loved ones about your wishes may also help avoid disappointment and disputes after you are gone.
Life Updates
Marriage, separation, buying a home, starting or selling a business, and the birth of children and grandchildren are all reasons to review your estate plan. You should review your estate planning documents regularly or whenever there are changes in your personal circumstances to ensure they still reflect your wishes and remain in accordance with current law.
At Cassady Law, an initial estate planning meeting typically involves reviewing your assets, understanding your personal circumstances, identifying any potential issues, and discussing the appropriate estate planning tools for your particular situation.
Getting Help From a Qualified Lawyer
Documentation
Ensure your documents comply with BC law. British Columbia legislation sets out the requirements for making a Will, a power of attorney, and a representation agreement. A court application may be necessary in the event that any of your documents do not meet these requirements or are otherwise unclear.
Ready to protect your Family and Future
If you live in Abbotsford or the surrounding Lower Mainland and do not yet have a will, power of attorney, or representation agreement, or even if you do and your documents haven’t been reviewed in years, now is the best time to act.
Contact Cassady Law today to speak with a wills and estate lawyer about creating or updating a comprehensive estate plan that reflects your wants and wishes, protects your loved ones, and reduces the risk of future disputes.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. The information provided herein may not reflect the most current legal developments. For personalized legal business advice, please consult with a lawyer at Cassady Law.