The purpose of a will is to make provision for the distribution of assets after a person’s passing. For most people in British Columbia, those assets will include things such as real estate, material possessions, money and investments. Entrepreneurs and other business owners, however, have one very special asset that should be given space in […]
People today are living longer, on average, than ever before, especially here in British Columbia. For some, the reality of this increasing longevity is a decreasing ability to make decisions about their own lives, including finances. A good option is choosing to grant power of attorney to a trusted family member or loved one before […]
Estate litigation is exactly what every diligent estate planner is trying to avoid, but sometimes, the best-laid estate plans can fall subject to challenges in court after the estate planner passes away. This is where a qualified estate planning lawyer can be very helpful in assisting families to assert their beneficiary rights in court. The […]
British Columbia residents who are unfamiliar with planning their estates and what is involved with the process may want to familiarize themselves with some vital terminology. This article will discuss some key buzzwords and terms that you will want to know: — Will: A will is a document that is written out — usually by […]
British Columbia residents who have been appointed to serve as the executor of a deceased loved one’s estate will no doubt feel honored by the fact. However, serving as executor can be one of the most stressful jobs that anyone has to perform. What estate representatives particularly need to realize is that they may have […]
British Columbia residents should be aware that Canada does not have true “estate taxes.” However, certain liabilities may need to be paid upon the death of a loved one, by the estate of that loved one before the estate’s assets may be distributed. Those include income tax due to deemed disposition and Registered Retirement Savings […]
There is an old Roman saying that says the people who want to have peace should always prepare for war. In some ways, this notion applies to estate planning. Indeed, a good estate plan will seek to achieve several very important goals, and one of the most important ones is the avoidance of family infighting, […]
Canadians of all ages are encouraged to have a power of attorney document on file. In fact, this is one of the most basic estate planning documents that — in many ways — is even more important than a will. That’s because, if you pass away without a will, the law will still provide a […]
Technically speaking, Canada does not have inheritance tax. Rather, the Canada Revenue Agency sees the transfer of an estate’s wealth after someone’s death as a “sale.” If the estate is not received by a common-law partner or a surviving spouse, then the estate will pay taxes owed to the CRA instead of the beneficiaries needing […]
British Columbia residents may want to consider getting their powers of attorney drafted and signed now, before it’s too late. Indeed, illness can come on fast — and sometimes it’s instantly — and once someone becomes incapacitated, it’s no longer possible to set up a power of attorney when it’s needed most. Countless Canadians have […]