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Life events that mean it’s time to take another look at wills

May 27, 2020/in Wills/by gartonandharris

Most people understand the need to prepare legal documents to share end-of-life decisions, and to prepare for the distribution of their wealth after that. But, preparing a will is only the first step. British Columbia individuals and families should also take a look at wills and other plans to reaffirm details and make critical changes at key points in life.

Moments where a family structure changes are almost always good times to take a look at estate plans. For example, when a child is born, parents should designate guardianship. Upon marriage or divorce, confirming or creating stipulations around transfer of wealth to a spouse is important. Ideally, planners will do this in advance, even when just considering a divorce or marriage, to ensure every option remains available and paperwork can be completed.

The behaviour of beneficiaries can also indicate a need to review estate plans. For example, if a beneficiary is in the midst of a difficult divorce, at risk for bankruptcy or has a substance abuse problem, it may change the way in which it makes sense to pass wealth to them. Trusts can be used to protect inheritances in these situations. By contrast, a family member growing older and becoming more responsible may indicate it’s worthwhile to rethink executorship or powers of attorney.

In general, significant changes in one’s family or property should trigger the thought to review estate plans. To keep better track of these touchpoints, many individuals and families schedule regular reviews of their wills. A British Columbia lawyer can help guide this process and answer specific questions about when to revisit a plan.

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How to prepare if you want to sell your business

May 15, 2020/in Uncategorized/by gartonandharris

Business owners across British Columbia are facing challenges with their business. Some are ready to close that chapter, while others are eager to start a new one. Whatever reason you may have for selling a business, you must plan accordingly.

Like any complicated transaction, selling a business takes considerable preparation. In some cases, business owners start planning years before they actually decide to sell. As such, the sooner you complete the following steps, the better.

Get your paperwork in order

Potential buyers of a Canadian business will likely be interested in everything from the business’ financial information, lease agreements, employment agreements and client lists. If you cannot provide this data readily, you could delay or even prevent a sale.

This information is critical to buyers; having it complete and available when you are ready to sell can have a tremendous impact on a sale.

Consult professionals

You likely know your business inside and out, but that does not necessarily mean you understand the financial and legal demands of selling it.

Therefore, consulting outside parties can be critical. Appraisers can help you land on an accurate valuation; tax and financial advisors can assist with presenting and structuring the sale; a lawyer can draw up and review purchase agreements.

Working with third parties can ensure your business is ready for sale while you stay focused on running it.

Prepare your pitch

Paperwork and data are critical. However, selling a business involves more than numbers and statistics. The presentation from the seller can make or break a potential sale. Everything from the appearance of the workspace to the pitch from sellers can influence buyers.

As such, you can prepare by making necessary repairs and maintenance. You might also review your online presence to see what your buyers may find when they look you up. It can also be important to consider how you will discuss your decision to sell and your responses to known challenges.

Selling a business can be complicated in many ways: financially, emotionally and legally. Because of all that goes into this transaction, owners who anticipate selling in the coming months or years would be wise to take these steps sooner rather than later.

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What are an executor’s first steps in estate administration?

May 13, 2020/in Estate Administration & Probate/by gartonandharris

When people agree to take on an executorship, they are often aware of the overarching responsibility to administer a will. But, many are not as clear on where to start, or what the step-by-step process is when it comes to estate administration. Here are some of the first things British Columbia executors should do when the estate owner passes away.

The first thing an executor should do is to review the will to carefully review the testator’s intentions. Testators can better prepare their executors by providing a letter that explains the reasoning and intentions behind their estate planning decisions, especially if they might be called into question. However, the most important document to have prepared is a clearly defined will.

Once the executor has this information, he or she typically meets with the family to communicate the information therein. This is a much easier conversation if the testator already discussed  the will with family prior to his or her death. Next, the executor should settle into the work of organizing files and compiling all information about assets and liabilities. This can be a uniquely challenging job, so it is ideal to pick an executor that is organized, capable of working with numbers, and has the time to dedicate to this task.

It is important to take these first steps seriously and to do them with integrity, communication and attention to detail. An executor has a fiduciary responsibility to take care of all assets and debts, so he or she may be held personally responsible if the process is mismanaged. Working with a British Columbia estate administration lawyer can help prevent missteps.

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