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.