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Lose any confusion you have about wills and estates terminology

May 27, 2016/in Wills/by gartonandharris

Creating a will and other elements of a strong estate plan are critical when preparing for the future. Having an effective plan in place gives people peace of mind, allowing them to relax and enjoy the remainder of their lives. However, planning for one’s death can be uncomfortable for some, causing them to put off this important task.

Another thing that can be off-putting for British Columbia residents is the massive amount of unfamiliar terminology associated with making a will. Many are afraid they will make a terrible mistake simply because they did not grasp the correct meaning of one or more terms. A lawyer can help, of course, provided you are not afraid to ask questions about even the most seemingly simple term. Another way you can feel better about the process is learning some of the associated terminology on your own. Below are brief definitions of some of the most commonly-used estate planning terms.

— Assets: Any money, property, personal possessions, investments or land you own.

— Beneficiaries: The people you name in your will or trust to receive shares of your assets.

— Power of attorney: An important legal document in which you appoint a trusted individual to make legal and financial decisions for you.

— Will: The document containing instructions regarding your assets and obligations upon your death.

— Estate: The entire sum of the property you own individually including homes, personal belongings and other items.

— Residue: Whatever assets are left after an executor pays your debts and distributes specific items.

— Executor: The person you choose to manage your affairs and complete any instructions contained in your will after you die.

This addresses only a few of the terms you will hear during estate planning. As mentioned before, the lawyer you choose will be more than willing to answer questions about other confusing terms.

Source: People’s Law School, “Writing Your Will,” accessed May 27, 2016

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Choosing the right person to administer your estate

May 16, 2016/in Estate Administration & Probate/by gartonandharris

If you are one of the many British Columbia residents concerned about how your estate will be handled once you die, a good step in the right direction involves carefully choosing an estate executor. Making the wrong decision can have a negative impact on your entire estate. Some of the things that could happen include asset distribution contrary to your wishes, estate tax issues and even estate disputes.

A good estate executor or administrator should possess several qualities. These include maturity, orderliness and a good eye for detail. Administering an estate requires the executor to perform several tasks that benefit from accuracy such as performing an inventory of assets, dealing with any taxes associated with the estate and distributing assets according to the deceased’s wishes.

While it is true that the more uncomplicated estates can be settled easily and quickly, those with business assets typically require a more meticulous approach. When this is the case, it is especially important to choose the right executor. Further, many people assume a family member is the most qualified; however, this is not always the case. In all situations, competency should come before all other considerations. Alternatives to family executors include accountants, financial professionals and lawyers.

Knowing that you have chosen the most-qualified individual to manage your estate allows you to relax and enjoy the entire rest of your life. It will also allow your heirs to rest easier upon your death instead of having to deal with estate disputes on top of their grief. You can always seek more advice about estate administration by speaking with lawyer who serves residents of British Columbia. Estate planning does not have to be the nightmare many people imagine.

Source: Forbes, “Choose The Right Executor,” Glen Curtis, accessed May 16, 2016

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Woman loses nursing registration after coercing power of attorney

May 13, 2016/in Power of Attorney/by gartonandharris

A nurse formerly employed with the Royal Ascot Care Centre as a director has lost her registration with the British Columbia College of Registered Nurses. Reportedly, the former nurse is accused of falsifying referral forms, inducing power of attorney and stealing from an 86-year-old female patient. Among the allegedly stolen items was a coin collection, which the nurse later returned in secret.

One of the main functions of the college is to ensure British Columbia citizens receive “safe, competent care from safe, trustworthy nurses.” The chief executive officer of the college said the accused has been barred from employment as a nurse in the British Columbia province.

The allegations against the nurse are many and varied. Reports indicate the woman met the alleged victim when the victim’s sister became a resident at the facility. After that, the nurse began transporting the victim to her appointments and also began encouraging her to become a resident at the facility, even though she knew the elderly woman could not afford to live at the centre. News stories also say the nurse falsified referral documents by claiming the victim suffered from several medical conditions including dementia.

After the victim suffered two falls at the centre, she was hospitalized and the nurse reportedly “induced and influenced” the victim to give her power of attorney. By the time an investigation was initiated, the nurse had cleaned out the elderly woman’s apartment, disposing of some items, taking others home with her and bringing other items to the care centre.

This story shows how very vulnerable the elderly is to financial abuse. One of the best ways to prevent this kind of abuse is by engaging in estate planning while you are still fit and able. When you already have a will or a power of attorney in place, it greatly reduces the risk of losing your legacy to opportunists. You should consult with an estate planning lawyer if you would like to learn more.

Source: CBC News, “B.C. nurse loses her job after assuming power of attorney and taking elderly woman’s coin collection,” Jason Proctor, May 08, 2016

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Advice, advocacy and accuracy | 3 ways a lawyer works for you

May 3, 2016/in Wills/by gartonandharris

In British Columbia, some people assume the do-it-yourself way is ideal for estate planning tasks like making a will. While it is true that you can choose to go it alone, it is possible doing so may cost you more in the long run. Unfortunately, these costs are not just money-related. A do-it-yourself approach may also cost you time and peace of mind as well as money.

Working with a lawyer to create estate planning elements such as wills, trusts and powers of attorney do generally cost more upfront. However, knowing these documents are legal and created with your best interests at heart can go a long way towards bringing you peace. Additionally, because they were prepared by a professional, you can be confident that they comply with the law in British Columbia.

If you need more reasons to consider working with an estate planning lawyer, consider these three ways your lawyer can work for your benefit.

— Advice: Making a will is not something one should undertake lightly. A lawyer can provide you with specific advice tailored to your individual and unique circumstances.

— Advocacy: No matter what, your estate planning lawyer will always work for your best interests. This provides you with a strong and legally-knowledgeable advocate during the entire estate planning process.

— Accuracy: The do-it-yourself approach can make it hard for ordinary citizens to know if the documents they create are accurate and legal. A lawyer can help you take everything into account, even matters you may not realize are important in making a will or other legal document.

As a service-oriented law firm, Garton and Harris employs a team of lawyers who are always ready to answer your estate planning questions. Please explore our website or reach out to our team for answers to specific questions.

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