More than half of those living in British Columbia do not have an estate plan. It may be easy to list the reasons why, including the fear of facing their mortality, misconceptions about the purpose of an estate plan and, of course, the cost. Therefore, it might seem that those who choose do-it-yourself kits to […]
Buying a business is a major commitment in terms of the time, money and personal resources it takes to take on this type of transaction. As such, it is critical to prepare for the possible obstacles and complications that can arise. If you are an entrepreneur wanting to buy an existing business, you should know […]
Some people may consider estate planning a “set it and forget it” exercise. However, without regular review, British Columbia estate planners may find that their wills become outdated, or they may miss key elements altogether. Regular stress tests, ideally done as a family with the support of a legal professional, can prevent mistakes or gaps in planning. […]
There are many reasons people might put off estate planning. One common reason is that they believe that it is unnecessary since all assets are co-owned by a spouse or, less commonly, children. The thought process here is that if one dies, the other will simply inherit the assets. While this might seem straightforward, forgoing wills […]
When marriages end, there are many short-term and long-term legal, financial, and logistical considerations. One significant thing British Columbia divorcees should consider is how the divorce will impact their estate plans. Spouses have significant roles and entitlements when it comes to their partner’s plans for incapacity or death. As such, it is important to revisit wills when […]
Dealing with an estate after a family member passes away can be challenging and emotional, even if everyone is getting along. British Columbia families with pre-existing tension, complicated estates or mixed opinions are particularly at risk for conflict if wills are incomplete, confusing or unexpected. For that reason, it’s a good idea for people to take a few […]
No one wants to leave his or her family in a challenging predicament when he or she passes away. Deciding where assets will go and how affairs will be handled after death is important for British Columbia adults. Just as important as making these decisions is documenting them in ways that are comprehensive, comprehensible and […]
When you pass away or if you become incapacitated, other people will make decisions on your behalf. Depending on the circumstances, a person could decide whether to sell your home, where you should receive end-of-life care or how to distribute your property to your loved ones. These are not insignificant matters. They reflect your beliefs […]
Starting a business from the ground up can be appealing, but it is not the only option. Buying an existing business could be an appealing opportunity, as well. It can be less uncertain than starting from scratch, and it could be easier to secure financing from investors and banks. That said, there are risks that […]
Many people understand the importance of naming someone to take care of affairs after they pass away. But, what if an individual is still alive but unable to make decisions? In these cases, having a power of attorney named in accordance with British Columbia estate law can make a significant difference. Setting up a power of […]
The death of a loved one can leave friends and family devastated. People can be struggling with grief and sadness; some may feel lost or alone. Adding a controversial or confusing will to the mix can make the situation even more upsetting because it can create a complicated legal environment that loved ones must navigate. […]
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 […]