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Dealing with estate administration without a written will

March 18, 2020/in Estate Administration & Probate /by gartonandharris

There are many steps involved in managing a person’s assets, liabilities and affairs after they pass away. When no formal estate plan or will is left, this can make the estate administration process more complex. In British Columbia, the term for passing away without a valid will is dying “intestate.” Fortunately, there are legal options available when this happens.

In British Columbia, the Wills Estates and Succession Act directs what should happen when someone dies intestate. Next steps depend first on living heirs, including a spouse and/or children. If a person has a spouse with no children, the process may be relatively straightforward as this spouse inherits everything.

Those with a spouse and children may have a slightly different situation. First, the spouse will retain a preferential share of the estate up to a certain amount as mandated by law. The leftover assets, known as residue, is divided among the spouse and children according to a predetermined formula.

For those who do not have a spouse, children will divide everything evenly. For those without a spouse or children, next of kin is involved. There is a succession of who is sought for next of kin estate administration when no spouse or children are present; starting with parents, then siblings, then siblings’ children, then other next of kin. 

Some complications may arise during estate administration when a will is not present. The main negative consequence is that the assets belonging to the person who passes away may not be distributed in the way the individual would have wanted. Those with questions or concerns about intestate estate administration should reach out to a British Columbia estate planning lawyer.

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Understanding special, limited and durable power of attorney

March 4, 2020/in Power of Attorney /by gartonandharris

Most individuals recognize the importance of naming someone to handle matters on their behalf should they be unable to do so themselves. But does a power of attorney really need to be a single person given permission to access all financial management decisions? For British Columbia families or individuals looking to have another person take on individual tasks, a special power of attorney may be useful to explore.

A special power of attorney (POA) is an individual who is able to handle a particular issue or issues on another person’s behalf. This differs from a general power of attorney, a designation which authorizes someone to make a wide range of decisions when a person is unable to do so. For example, one might name a spouse as a special POA in order to authorize him or her to sign documents in his or her partner’s absence. This would be considered a one-time special POA.

Special POAs can also be given ongoing permission to handle a particular matter or matters. Those who wish to name a power of attorney for all matters until the end of their lifetime could consider a durable power of attorney. A limited power of attorney is also an option for those who wish for it to take effect if and when a certain event occurs. 

Indeed, power of attorney options can be far more extensive than just the naming of one person to handle things if someone becomes incapacitated. While this is one of the more common uses of this legal authorization, British Columbia individuals have multiple options available as they seek to plan their futures and designate responsibilities. A lawyer in the province can help to clarify all options and put together a legally binding plan.

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