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CATEGORY : Wills

CATEGORY : Wills June 10th, 0 Comments

New legislation: Electronic wills in British Columbia (BC)

While will writing is not the kind of conversation you would like to have across the dinner table, it is a crucial subject for individuals and families. Failure to write a will could lead to an array of complications and expenses with a process that may drag on for some time. We know that many people prefer their will to remain private before their passing, which can help avoid friction, arguments, and even legal action. 

Before taking a look at the changes in legislation, let’s first go through some information about wills in general.

Do you need a will in British Columbia?

If you die without a will in BC, this is described as having died intestate and means the courts will decide how your assets are distributed. In line with provincial laws, an executor will be appointed to review your family situation and propose how your assets will be split. The hierarchical family tree tends to be:-

  • Partners
  • Children
  • Parents
  • Siblings
  • Nieces and nephews

This legal process is unlikely to consider any fractured family relationships. Consequently, your assets may not be distributed as you would have preferred. By writing a will, you can specify how your assets will be split.

Writing a will in BC

The cost of writing a will in British Columbia will vary depending on your route. If you decide to use the services of a solicitor, there are various charges to consider, including:-

  • Consultation
  • Preparing the will
  • Storing your will
  • Executing your will on death

Even though using a solicitor is the more traditional method, many people are unaware that you can write your own will. Again there are specific issues to consider, such as:-

  • Ensure the will is valid from a legal point of view
  • Advice on completing the will
  • Storing your will
  • Execution on your death

While a do-it-yourself will is significantly cheaper than a solicitor, many people prefer to involve the legal profession to ensure their will is legal.

Where to store a will BC

Those looking to store a will in British Columbia have several historical options and one recent change to will writing regulations. It is a problematic quandary; where can I store my will for safekeeping?

Store a will with a solicitor

Even though it is perfectly possible to write your own will with legal standing using online services, many still prefer to use a solicitor. Consequently, the vast majority of wills today are retained with a solicitor until the person’s death.

Store a will at home

There is always the option to store your will at home in BC, but this option has obvious risks. The document may be lost or destroyed in the event of a fire, for example. This would lead to your estate being distributed as having died intestate. Many people have a safe in their home, which has obvious benefits but only if people know the documents are there.

Store a will with a friend

Whether an executor or a friend, it may be an option to store your will with a third party that may have safer storage facilities. However, this option has obvious risks if your relationship breaks down, they lose your documents, or nobody knows where they are on your death.

Store a will with your bank

Some banks and other financial institutions offer storage facilities to their customers. It may be that you choose to store your will with a British Columbia bank with instructions left in the event of your demise. Where there is only one original hard copy of your will, there is always a risk that it may be lost or destroyed.

Store a will electronically

Under recently updated BC laws, you can now create an electronic will with an electronic signature, which can be stored in the clouds. Whether or not you prefer to retain a hard copy in a safe place is up to you, but electronic wills are accepted in British Columbia from a legal perspective. Furthermore, as you can literally store your will as a locked file, only available to certain people in the event of your death, it has opened up new opportunities with cloud storage services.

Using a will registry in British Columbia

Many people use the services of provincial will registries, which allow you to store details of your will where they can be located on your passing. Seen by many as a backup service, this is another way to ensure that legally binding documents will be available on your death.

Electronic wills in British Columbia

Like many provinces across Canada, BC authorities were forced to bring in an array of new regulations due to Covid-19. Some of these changes legalized the creation and witnessing of electronic documents, including wills. Even though many assumed this would be temporary, these changes have been written into BC law in relation to wills, estates and trusts.

What is an electronic will BC?

Under the new regulations, an electronic will is defined as in a form which can be:-

  • Recorded or stored electronically
  • Read by a person
  • Reproduced in visible form

As part of the regulation change, it is now possible for the two witnesses to sign “in each other’s electronic presence”. This means that the witnesses sign the document simultaneously, even if they are not physically together. It is important to note that one of the witnesses should be a lawyer/notary public, and the document must be signed and witnessed in accordance with the regulations.

Altering and revoking electronic wills

Now we come onto the subject of altering and revoking electronic wills, which can be done in several ways:-

  • Deleting an electronic version of the will with the intention of repealing it
  • Destroying a paper copy of the will, with witnesses present, with the intention to delete the electronic copy
  • Replace the electronic will with an up-to-date document
  • Signed declaration from the will-maker revoking all or part of the electronic will

It is now as easy to create, edit, and destroy an electronic will as it is a paper copy. The fact that you can also store electronic wills in the cloud brings us onto the service we offer here at Time Secured.

Is it time to visit your will arrangements?

While many people are perfectly able to create their wills and arrange storage, it is not always that easy to ensure your instructions are honored upon your death. However, we can store your electronic will in the clouds using the Time Secured service. Then, using a regular check in system, we will be able to confirm that you are still alive. Finally, all of your electronic documents will be sent to the relevant parties on your passing. This will ensure that your instructions are carried out to the letter, as swiftly as possible.

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November 14th, 0 Comments

Why make a Living Will?

So what exactly is a living will?  Unlike a final will where you state who you want to inherit your property after you pass away, in a living will, you outline your preferences about future healthcare treatments, in case you’re ever unable to express your wishes to doctors and loved ones.  For example, if you end up in a coma, unconscious or unable to verbally articulate your thoughts.

A living will also be referred to as “medical directives,” “health care proxies,” or “advance health care directives.” Some jurisdictions have a standardized form, while other places allow you to draft your own document so long as you have it witnessed and signed.

Once you make a living will, at a time when you are able to mentally and physically do so, the person making a decision on your behalf, if something were to happen to you, will be bound to comply with any wishes you expressed while you were still capable.  It is a binding document.

These documents have become popular as more and more people realize the importance of making critical decisions about their medical and end-of-life care ahead of time. Many legal battles have taken place which negatively affect family members where they try to keep a specific member alive using medical treatments, while others prefer to end the person’s life if no recourse is expected in improving their health to minimize suffering.  Having a living will help prevent much of this by allowing each person to document their own wishes and preferences, giving more certainty, for other family members or loved ones to follow whether they agree with it or not.

Some of the specific benefits of a living will include:

Authorize treatments. There are many procedures that require authorization from the patient. You can make these authorizations in advance in case you are incapacitated. You can ensure that you will get the treatment you need and want.

Refusing specific treatments: As the inverse of the previous point, there are a number of reasons why people may not want certain medical treatments. It could be a “do not resuscitate” order, or you may not want a feeding tube. Some treatments may be against your moral or religious beliefs. A living will give you control over the treatments that you will accept and those you will not.

Know your outcomes: You never know when an illness or disease might strike or you may be in an accident that puts you into a situation where you cannot make your health care decisions. Having a living will in place ensures you that incapacitation will not make outcomes a guessing game. You know what to expect because you have specified it.

Eliminate financial problems for your family: Medical treatments, especially long term care, can become very expensive. You can make decisions in advance that will eliminate or minimize the cost of care for you.

Make the decisions easy for your family: Similar to the previous point, since you have specified what you want, it will be easier for your family to accede to your wishes. You have limited their options so decisions won’t be as difficult as they might have been.

Prevent arguments among family members: Your family cares about you, but different family members may have different opinions about the best treatment for you. By creating a living will, you can eliminate any disagreements.

Ensure doctors follow your wishes: With an advance directive, your doctors will do what you wanted them to do. They won’t do what they simply feel is best for you. You are in control and not your doctor.

The Time Secured app makes creating a living will easy, there are editable templates that can be used and downloaded for signature.  These can then be sent to your family members for safekeeping or through the passing vault (if you don’t want them to see it until there is a need to). 

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July 28th, 0 Comments

What is a Will Executor?

When someone close to you passes away, or even you, it can be a trying experience for the family and loved ones of those that pass away. In addition to dealing with mourning and grief, there are a number of practical matters that need attention, and right away, including funeral arrangements, obtaining death certificates, reading the will, probate, distributing assets, and so forth.

Hiring an estate executor (also known as the personal representative, administrator, estate trustee, or liquidator) can make the difference between an easy process to an extremely stressful one.

The executor’s responsibility is to manage and wind up the deceased person’s estate, resolve any debts, distribute assets to heirs, and file legal paperwork.  Some of the tasks might include the following:

  • Arrange Funeral — Request burial or cremation, organize the memorial, order death certificates, etc.
  • Take Inventory — Find and organize all estate assets and debts
  • Become Executor — Get appointed by the court (if going through probate)
  • Send Notifications — Notify friends and family, social insurance, banks, credit cards, etc.
  • Manage Estate — Maintain and care for assets; plan asset disposition
  • Resolve Debts — Pay off debts in full, or arrange for debt forgiveness
  • File Taxes — Submit relevant tax returns: decedent income, estate income, etc.
  • Make Distributions — Distribute net assets to heirs
  • Wrap It Up — Finalize the estate settlement, including probate final accounting (if applicable)

Some tasks can be performed by anyone, such as notifying next of kin, while others have strict legal requirements. For example, some jurisdictions require that an estate administrator resides in the deceased same jurisdiction which can be difficult.  Fees and costs related to getting an Executor, especially if you have limited assets, can be significant but in many cases tax exempt. 

The role of an executor can be complicated and involve tax, legal, and other financial decisions. It may also be contentious depending on family dynamics.  While most people choose an executor when they draft their first Will, life events typically trigger a re-evaluation of who should take on that responsibility for you.

Be sure you are careful with whom you appoint, that they are ready for the job, and that you use Time Secured to give them all the necessary and updated information for them to properly implement your final wishes.

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February 15th, 0 Comments

Should I Write a Will?

Why have a will? Even if you don’t have much to leave behind when it comes to material things, having a will is one of the most important things you can do.

You probably had a few people talk to you about it (or maybe not) – had a few family friends bring it up every time you meet, it can be an annoyance, and frankly you are likely avoid talking to them for that purpose. Realising how important it is, even later in my life, has made all the difference.

Most people will say I don’t have much to leave in terms of money, or things, but it can be as simple as saying who the guardians are going to be of your kids, even if there is an understanding before you pass away. Emotions will run high and people will start to overstep if you don’t make sure things are all clear.

If you don’t have kids or much else to be taken care of once you leave, a will is good to prepare simply to say you don’t have anything to give away – as simple as that! It has it in black and white, there is no confusion, and everyone is clear on what you do (or don’t) have; and what you want to do with it.

Lots of free will preparation websites and templates you can find online depending on the jurisdiction you live in. Also worth making a health decision consent form (and probably even more important to you since you’ll be alive or a version thereof) – where you give authority to people to make treatment decisions for you. Don’t panic you can stipulate when it comes into force, so no one is going to make medical decisions for you arbitrarily. This is another big one and is almost as important as the final will.

Making a will is a favour you do for those you leave behind, giving them clarity, keeping their conscious clear and avoiding unnecessary bad blood when they are already reeling from a difficult time. If you haven’t lost anybody close to you it’s hard to prioritise this as a top concern. But take it from someone whose experienced a close death early on, it’s really one of the main things I make sure I do knowing what I’ve gone through. Hopefully you don’t need it anytime soon, but it wouldn’t hurt to have it ready when the time comes, which can be a sudden shock.

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