Even though estate planning is important, many residents of British Columbia make a number of errors around it. Here are a few of the most costly ones. One error is failing to keep a will updated. Individuals sometimes make a will but forget to alter it in case of divorce, births, deaths or changes of […]
It may be difficult for some readers to think about and plan for end-of-life issues, and it can be tempting to put off estate planning and will preparation. The Wills, Estates and Succession Act recently passed in British Columbia outlines how a person’s estate will be handled in probate in the event that there is […]
Residents of British Columbia may create wills in order to distribute their assets to the correct beneficiaries upon death. A will can be changed after its creation until its testator’s death. However, wills also have certain limitations of which individuals should be aware when creating them. For example, wills do not cover provisions regarding the […]
Although many celebrities have been making a big deal about why they are choosing not to leave a trust fund to their kids, some British Columbians may want to consider it. Even if a person does not have a multi-million dollar fortune, setting up a modest trust fund could help to protect the inheritor from […]
Some residents of British Columbia who might be creating an estate plan may be interested to learn about the enduring powers of attorney. These allow a person to appoint another party to act on his or her behalf while completing certain functions, and this appointment differs from a regular power of attorney because the authority […]
British Columbia residents wondering whether to create a trust fund to provide for their children may consider the decision made by the late well-known actor Philip Seymour Hoffman not to do so for his own. Hoffman died in February and left his money to his girlfriend instead of his three children. The reason for this, […]
British Columbia residents may be surprised to learn that, according to a 2012 survey, more than 50 percent of Canadians have not completed a will, in part because they either don’t think they can afford it or they don’t know where to start. They could be right about the price: After all, a basic will […]
According to a recent survey, the average Canadian who receives an inheritance gets just under $100,000. The average inheritance was $96,000 across the country; however, there were regional variations. In Atlantic Canada, the average inheritance was $32,000, while it was in excess of $120,000 in British Columbia. About two-thirds of individuals in Ontario and throughout […]
British Columbia residents who have drawn up an estate plan may be surprised to learn that they may have to revisit their plan periodically to make important updates. Due to changes in a person’s life and the law, these updates can potentially have a large effect on how their property is distributed. Even when a […]
Many British Columbia residents and others across the nation enjoy vacation time and wonderful memories spent at family cottages. Part of the responsibility of owning a getaway home includes knowing when it’s time to sell the property or turn over ownership to an heir. Tax considerations generally mean that a person should transfer the property […]
Many senior citizens in British Columbia may live frugally as they try to help their children cope with financial challenges and leave as much of their estate intact to pass on after they do. However, some financial planning experts believe that this may not always be a prudent path to take. Health care costs that […]
The laws regarding power of attorney changed in British Columbia on Sept. 1, 2011. While any power of attorney documents prior to this date are still valid in most cases, it is advisable to have a lawyer review the documents to ensure that they do not need to be updated. Any powers of attorney signed […]