November 2018 - Garton & Harris

People who have worked hard all their lives and have several accounts with sizable assets — like life insurance policies or retirement savings plans — still need to plan their estates. British Columbia residents who have beneficiaries attached to these assets still need to write wills to streamline the process of disseminating specified assets when the time comes. Assets are frozen upon the death of their owner.

A will is necessary since it allows an executor to do many of the things required by law when a person passes away. A will gives the executor the right to file and sign a final tax return, liaise with creditors and basically take care of anything associated with the deceased person’s estate. Many people don’t realize that if a spouse is not the executor, he or she can’t automatically take on that role. So, those who die intestate (or without a will) may leave a lot of messy loose ends for their loved ones.

The bottom line is that everyone needs a will, no matter if they have many assets or not. Sadly, dying can cause a lot of red tape if issues aren’t documented. Having a plan is better than having nothing, even when that plan may not always run smoothly.

A lawyer is in a position to explain further why wills are important, even if there are beneficiaries already named for certain assets. A British Columbia lawyer will ensure that any estate planning documents will be free of errors. Vague wording in a will may just create further problems and a lawyer can help a client to draft a document that is complete.

It’s important to plan for the inevitable. Estate planning should be a part of every adult British Columbia resident’s life, but for many people writing wills is the last thing on their radar. When they do think of it, they might resort to doing it the best way they believe is possible. Some turn to online forms, but they may be sorely misguided.

Online will forms, according to most experts, are not reliable and as such actually come with disclaimers. The average person wouldn’t know if these forms contained mistakes or included things that weren’t legal. Wills are meant to be unique — reflective of personal situations, not one size fits all.

They also don’t take into account what is going on in a person’s life when these forms are being filled out. The person could have cognitive difficulties or other issues that would entail needing help with a will. In fact, there are so many reasons why online wills are a bad idea.

What someone sees as a convenience can actually turn into the biggest inconvenience when he or she is considering using an online form to create a will. There are many complexities to take into account when writing wills, and a lawyer would be able to ensure his or her client doesn’t make costly errors in an estate plan. A British Columbia lawyer can ascertain whether his or her client is leaving something out which should be included and vice versa. Unique situations of clients would also be considered such as clients who are in common law relationships, those with children and those who have high asset situations.

The need for wills even when accounts have beneficiaries

Online wills may be estate planning mistakes in British Columbia

Schedule An Appointment With Us