April 2020 - Garton & Harris

Common items people forget when drafting their wills

April 30, 2020/in Wills/by gartonandharris

There are many obvious items to consider when estate planning, such as the fate of the family home or the guardianship of children. But, some of the most important things may not be as obvious. British Columbia planners should consider these commonly forgotten items when drafting their wills.

While guardianship of minor children is rarely forgotten by planners, pets can sometimes fall off the radar. Pet owners should not only consider who should care for pets, but also how that care will be funded. Food, vet bills and care items can cost a fair amount, especially if the animal has health conditions or prefers luxury brands of food. Higher-maintenance animals, such as horses, may require additional planning as well.

Digital assets are also commonly left out of the equation, though they can be quite valuable for today’s planners. Online accounts such as PayPal, cryptocurrencies or even loyalty points should be carefully laid out in an estate plan, including access criteria. Instructions on what to do with a blog, social media account or other property should also be considered. In many cases, people choose to name a digital executor who is savvy online to complete these final requests and payments after they pass away.

Finally, one thing that people can sometimes forget is to let their beneficiaries know what the plan is. Direct communication can prevent conflict later on and save loved ones from estate litigation in the future. A British Columbia lawyer can help anyone seeking to draft, revise or execute wills.

The importance of revisiting wills when you remarry

April 15, 2020/in Wills/by gartonandharris

When marriages end, chances are that one or both parties will move on to other partners. Statistically, two-thirds of divorcees between 55 and 64 told Pew Research they had remarried in a 2013 study. British Columbia individuals giving marriage another shot have several financial considerations to keep in mind, especially those who have accumulated wealth in between their marriages. One of the main things to consider is the details within wills.

Prior to a new marriage, it is helpful for each party to take a fully inventory of assets. Many might think this documentation only matters for couples who eventually split, but there are other reasons it is important. Documenting assets is a critical part of estate planning, and can help individuals clarify if certain items should be left to family members besides the new spouse. For example, an heirloom may be best suited to a child; this will need to be explicitly stated in a will or a spouse may get everything by default.

Often, couples with children from previous marriages prefer to keep certain assets separate from their spouse. This helps to protect wealth for their next of kin. It also makes sure that obligations from the previous marriage, such as spousal or child support can be met in the case of an untimely death.

Blended families have many things to discuss in terms of wills. Should stepchildren be included in the legacy plan? What about ex-spouses with whom there are still family ties or financial dependencies? Discussing these issues early and often, and putting them in wills with the help of an British Columbia lawyer, can help maintain financial well-being in a remarriage.

Should funeral plans be considered when preparing wills?

April 2, 2020/in Wills/by gartonandharris

Thorough, informed and legally sound plans for the future can make it far easier for families to move forward when a loved one passes away. Preparing wills, compiling essential information and sharing end-of-life wishes may seem morbid, but British Columbia families who take these steps can reduce a lot of stress when the time comes. Funeral plans can be helpful to include in this process, especially if there are particular wishes loved ones should consider.

Planning a funeral without advanced planning can be an emotional and financial burden. It is often an issue people either avoid or do not think about, as it seems morbid and uncomfortable. However, recent cultural shifts and increased availability of services and information have made advance planning such as this more common among Canadians.

Planning funeral details can actually be a fairly easy and straight-forward process. Quite simply, it involves making decisions, recording those decisions and. ideally, communicating them to loved ones in order to answer any questions. Those who are single and without children should consider such planning in particular, as there may not be an obvious person to take on the planning process or someone close enough to know exactly what the person would have wanted.

The process of pre-planning funeral details often involves sitting with a funeral director to discuss options and decisions. Cemetery space can also be looked into at this time. Using wills to make decisions legally sound is also helpful. A British Columbia lawyer can support this process and advise on other planning tasks that may be helpful to take on as well.

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