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Are do-it-yourself wills worth the risk?

September 6, 2020/in Wills /by gartonandharris

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 create their wills have an advantage over those who die without an estate plan in place. However, some financial advisors strongly disagree.

A DIY will kit offers a will template for a nominal fee, and some websites even offer free downloads. The problem with a one-size-fits-all will is that every situation is unique. No template can cover every contingency or provide protections for special concerns that every family has. Additionally, DIY kits provide little to no assistance for those who may have questions. Even worse, many who use such kits may not even know what questions they should be asking.

Without knowledge of probate laws, someone using a will kit may not realise he or she has made a small but significant mistake. The ones who will deal with that mistake are those left behind after the will maker dies. In some cases, families are left with no recourse when a DIY will contains an error that results in a very different outcome from what the deceased would have wanted.

Wills can address far more than who inherits the assets in an estate. Those in British Columbia who have children, blended families, special needs or unique assets, among other things, would be wise to seek professional assistance when they decide to create their estate plans. Putting off estate planning is risky, but DIY wills may carry an even greater risk.

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How to “stress test” a will throughout one’s life

August 20, 2020/in Wills /by gartonandharris

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 However, without regular review, British Columbia estate planners may find that their wills become outdated, or they may miss key elements altogether.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.

First, ensure important documents are in place, such as a will, business succession plan and deeds. Review these to ensure the plans initially put in place still make sense. Has the business changed, making the succession plan now impractical? Are the family’s priorities and intention still reflected in these documents? These are important questions to ask during the regular review.

Sometimes, logistics may impact whether or not estate plans are truly practical. Someone named as a power of attorney, for example, may have relocated out of the province or country. An executor may have grown his or her family or taken on a challenging job, thereby making him or her less available to manage the responsibilities of that position. Taking stock of the situation for all involved, not just the planner, is a key part of this stress test.

Finally, the last step is to communicate and set expectations. It is possible that beneficiaries might believe they will receive more in the estate than is reasonable, or even available. This can lead to conflict down the line, making expectation-setting an important part of the regular review. Those with questions about when and how to review and adjust their wills and estate plans should discuss their situation with a British Columbia lawyer.

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Are wills necessary if all assets have joint ownership?

August 7, 2020/in Wills /by gartonandharris

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 for joint ownership can have negative consequences for some British Columbia families.

The first reason why this approach can backfire is that it is very difficult to remember every asset. While major assets like a home or bank account are unlikely to fly under the radar, personal items like jewellery, a piece of art, or a family heirloom may not have a designated co-owner. This can lead to conflict or ill feelings, and the court may need to step in to designate ownership of items, which is usually not preferable.

There is also the matter of both co-owners dying at the same time. In that case, the court would determine who receives the remaining items according to intestacy laws. This can get dicey when it is unclear which co-owner died first and, therefore, whose next of kin is entitled to the asset upon death. 

Once it is determined who gets the asset, additional complications can arise due to the fact that the beneficiary will receive the amount or ownership in full with no stipulations. This increases the risk that the asset will be mismanaged, especially if the next of kin is not financially responsible or personally prepared for the acquisition. These factors combined make it clear that discussing wills with a British Columbia lawyer is a good idea, regardless of one’s joint ownership situation.

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How should individuals update their wills following a divorce?

July 23, 2020/in Wills /by gartonandharris

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 a marriage is in the process of ending.

There are many documents in which a spouse may be named beneficiary. Individuals should review the names on bank accounts, insurance policies and trusts and make adjustments if needed. In addition, it is important to visit one’s estate lawyer to review the power of attorney documents and the will to see if and where the spouse is explicitly named. While some aspects of plans may be automatically invalidated upon divorce, it’s wise to avoid any outdated language in the official will to prevent plans being called into question.

Trusts are a different matter altogether. In fact, most trusts will be considered in the divorce agreement, and decisions about what will happen to them may be made at that time. An ex-spouse may therefore still become the beneficiary of an irrevocable trust, depending on the circumstances and agreement.

There are many planning decisions that may need to be revisited upon divorce. Who will be the executor of the estate? Should a former spouse still receive some money, particularly if there are minor children involved? A British Columbia lawyer can help to clarify these estate and family law issues, and revise wills accordingly.

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Preventing conflict over wills with support and communication

July 9, 2020/in Wills /by gartonandharris

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 careful steps, such as prioritizing legal advice and communicating plans to help prevent friction among their beneficiaries.

The first step in any estate planning process is finding a lawyer who can be trusted and making sure he or she understands the situation at hand. Financial advisors, wealth managers and accountants can also be helpful to consult throughout this process. A full financial overview should be conducted to ensure that no assets are left unaccounted for in estate plans. This process also helps to set the executor up for a successful estate administration by centralizing all the documents one will need in the process.

Finally, it is critical to communicate plans with the family. All beneficiaries should be present at this meeting, as well as anyone implicated in the decisions. In the meeting, the basic intentions of the estate should be shared, along with who has been named as executor, the power of attorney and other involved people. This is also a good time to share one’s own expectations and hopes for the inheritance process, and to ask everyone involved to communicate and be transparent when the time comes.

Advance preparation can make all the difference when preventing conflict in estate administration. Even things that seem small, like preparing an online password list, can make a big difference when the time comes. Individuals who need support drafting wills, or those who have questions and concerns about wills in which they are implicated, should reach out to a British Columbia lawyer.

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Besides wills, what estate planning documents should be prepared?

June 25, 2020/in Wills /by gartonandharris

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 legally sound. This involves the drafting of documents, particularly wills.

A will is the most well-known estate planning document. It details how all assets and liabilities will be distributed after death. It also clarifies issues such as guardianship for dependant children. Finally, it explains who will be responsible for overseeing the distribution of assets according to what is documented. Without a will, an individual’s estate will be divided according to provincial estate law.

Documentation pertaining to power of attorney are also important in end-of-life planning. There are many circumstances in which it may become impossible for an individual to make decisions for his or her own health or financial affairs; for example, a mental or physical disability. Powers of attorney name trusted individuals to make those decisions if those circumstances are to arise. 

Depending on one’s circumstances, other documents may be needed, such as advance medical directives, trusts or even a list of online account passwords. Many British Columbia adults have questions about wills and other documents, including how to ensure they are valid and where to store them. It is best to discuss these matters with a local estate planning lawyer to ensure all affairs are properly in order.

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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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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.

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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.

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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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  • Are do-it-yourself wills worth the risk?
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  • How should individuals update their wills following a divorce?

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