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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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Write your own will in 5 easy steps

Can’t afford a will? The truth is you can’t afford not to have a will. Writing a will is the only way to retain control of your assets and nominate the beneficiaries upon your passing. It is nowhere near as difficult as many would have you believe. So, where do you start? How do you protect your assets upon your death?

It is fair to say that estate planning BC has changed over the last couple of years with the introduction of electronic wills and electronic storage. Where you have a relatively complex estate, you may require a degree of legal advice, while others may require little or no input from the legal profession. Whatever your situation, writing your own will is still relatively straightforward and something you should consider.

Estate planning issues

You must discuss estate planning issues with your advisers before attempting to write your own will. Even though there are several online wills BC, including the popular Staples will kit, you must be careful and ensure everything is in order. Online wills BC work well for those who have a reasonably simple estate. However, if your estate is a little more complicated, you should seek at least initial guidance.

Probate tax Canada

While there is no probate tax Canada, your estate will be charged a fee based upon the value of your assets. In British Columbia, the situation is as follows:-

  • Estates valued at less than $25,000 will not attract any probate fees
  • Estates valued between $25,000 and $50,000 will be charged a probate fee of six dollars for every $1000 worth of assets, or part thereof, between $25,000 and $50,000
  • Estates valued in excess of $50,000 will be charged $14 per $1000 worth of assets by which the estate exceeds $50,000
  • Those estates valued in excess of $50,000 will also attract an additional probate fee of $200

Any probate tax Canada due will be taken from your estate, reducing the amount available to distribute. If you decide to use a probate solicitor, you will probably be looking at additional fees of between 2% and 5% of the estate’s value plus VAT. Consequently, some people will take general legal advice and use this to write their own will. 

The easiest way to write a will BC

The Staples will kit could be an interesting place to start if you have a moderately complex estate. As you will see with a quick Internet search, each Staples will kit offers a different degree of flexibility to suit your scenario. However, it is possible to write your own will without any third-party documentation.

Step One: Decide who will be your beneficiaries

Estate planning BC is critical, because without a will the courts will become involved, creating added expense and reducing the value of your estate. First, write a list of beneficiaries and what assets you would like to gift them on your death. If you decide to split your estate equally between numerous people, there is no need to specify individual assets.

Step Two: Appoint an executor

The appointment of an executor is an integral part of estate planning issues and something you should decide upon at a relatively early stage. Many people have friends and family as executors, while others choose those from a more formal profession, such as a solicitor. You will also need to appoint a backup executor in the event that your original choice is unable to fulfil their executor obligations.

Step Three: Create a formal document

It is essential that your will is marked as such and clearly revokes any previous wills in existence. Unless the document is titled explicitly as your will, it could be taken as advice with the courts potentially becoming involved. The online wills BC market is relatively large, with packages such as the Staples will kit proving very useful. In addition, many examples are available online to give you an idea of the format and specific wording.

Step Four: Specify miscellaneous provisions

While the distribution of assets is the central part of any will, there is also the opportunity to add specific miscellaneous provisions. This may include the appointment of a guardian for your children or someone to look after your pet. Unfortunately, many people retain these miscellaneous provisions in their minds but fail to add them to their will. Consequently, this is one of the estate planning issues which is often overlooked.

Step Five: Notarize and register your will

Under normal circumstances, your will would be signed off in the presence of a notary in British Columbia. This will involve two witnesses, at least 19 years of age, and the notary signing your document as a legal instruction. At this point, your will is live, although you will need to register the document with the British Columbia Vital Statistics Record Office.

Storing your will

There are numerous options when looking to store your will, one of many estate planning issues you will need to address. For example, you could keep a physical copy at home, with a friend or leave it with your local bank or solicitor. Recent changes to regulations now allow you to store (and write) your will in electronic format in the cloud. Wherever you decide to keep your will, make sure there are clear instructions about executing your instructions on your death!

Simplifying estate planning issues

In light of Covid, we saw several changes concerning estate planning issues, including the introduction of electronic wills and remote witnessing. This meant that two individuals (one of which would need to be a lawyer/notary public) could witness the document while being in electronic contact but without physically being in the same room. Many people expected these changes to be temporary, but they have been brought into BC law and are now part of estate planning BC.

Then there is the ability to store your will in electronic format, with several will cloud storage companies now emerging. This has injected a degree of competition into the estate planning BC market, which will eventually lead to a more competitive charging structure.

Are you ever too young to have a will?

When looking at estate planning BC, you must be over the age of 16 and of sound mind to make a will. Traditionally, those who die young without a will would typically see their assets distributed amongst immediate family. However, there is nothing stopping anyone over the age of 16 from writing their own will, in line with the relevant legal procedures, and allocating existing and future assets as they so wish.

However, this issue could be controversial if a young person was left a significant amount of money/assets as a beneficiary, for example, of their parent’s will. Even if the beneficiary was over the age of 16, some parents might decide to appoint a trustee to manage their inheritance. It will depend upon the individual situation, but it is possible to leave assets for a beneficiary under the short-term control of a third party.

Avoiding family feuds

While wills and inheritances are not the easiest of things to discuss across the dinner table, unfortunately, they can lead to long-lasting family feuds. Consequently, many people now look to write and register their wills away from family and friends, relying on executors. Some people have used family friends as their executors, but this can lead to issues with:-

Biased opinions on asset allocation

If an executor has a connection with one of the potential beneficiaries, or someone frozen out of your will, this could place them in a difficult situation. Even with the best intentions, it can be challenging to maintain an unbiased opinion in these situations. Is it fair to put a friend/acquaintance in such a position?

Negating gift instructions to an executor

The more detailed your will, the less chance it will be challenged in the courts. Leaving a gift in your will to an executor may raise some eyebrows in some situations. Where you influenced? Were you in a fit state of mind when preparing your will? Rightly or wrongly, these questions could form the basis for a legal appeal against your will.

Whether you seek the assistance of a friend, distanced from the scenario and not a beneficiary, or a close adviser will depend upon your situation.

Retain control of your estate!

Whether you are considering using something similar to the Staples will kit, writing your own will or taking advice from a solicitor, you need to retain control of your estate. If you don’t have a will, the courts will make the decisions; you will lose control of how your assets are distributed while potentially building up significant additional costs. 

Failure to act today may see your loved ones stripped of their rightful inheritance tomorrow; those assets it took you years to build up. This is your chance to provide for them in your absence.

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