Wills Lawyers Vancouver
SECURE YOUR FAMILY’S FUTURE AND YOUR PEACE OF MIND
The best time to prepare for tomorrow is today. By putting a will in place, you can save your loved one’s time, money, and stress down the road and achieve the peace of mind that comes with knowing your family is protected. Additionally, estate planning can save your descendants huge amounts of tax. Death and taxes are inevitabilities of life, and death triggers the most significant tax event of your lifetime - let our Vancouver will lawyers help you and your family navigate it confidently.
Why Do You Need a Will?
Without a will, your loved ones may be left to sort out a confusing legal, financial and emotional maze. Who gets what when it comes to the assets you leave behind? Do you want to slowly distribute your assets over time? Who should have guardianship of your minor children? What about pets? What kind of funeral should there be, and who should arrange and pay for it?
Having a will also ensures that whomever you choose to oversee your estate administration will be able to access your assets. Without a will, it’s unclear who is responsible for managing and distributing your estate. You may have to deal with significant hurdles from government agencies and financial institutions.
Having the best estate planning lawyer in Vancouver to help you navigate this area will make things easier.
When Should You Get a Will?
Many people seem to have the understanding that wills are only important for the elderly or those with substantial wealth. The truth is that everyone, regardless of their age or financial status, should give serious thought to having a will in place.
If you are beginning to reach some of the major life milestones such as getting married, having children, buying a home, or launching a business it is definitely a good idea to have a will to protect your assets and your loved ones. Even if your assets are minimal, having a will ensures that your family isn’t left with a mess of uncertainty should the unexpected happen.
At Parr Business Law, we are here to help you throughout the entire process when you decide it is time to begin establishing your will. We are dedicated to working closely with you to ensure that your will remains current and aligned with any changes in your personal or financial circumstances.
The Probate Process
The probate process is a legal procedure that comes into play after an individual's passing. It involves validating the deceased's will in a court of law and confirming the rightful ownership and value of assets in the estate.
While the process verifies the legitimacy of the will, if no will exists, an administrator takes on the executor's role and will need to apply for an estate grant. Upon completion, an estate grant (Grant of Probate or a Grant of Administration), confirming the executor or administrator’s authority to manage the estate.
Navigating the probate process can feel intimidating. Our team at Parr Business Law is here to guide you through the process, ensuring a smoother and more informed probate journey for those entrusted with this responsibility.
Trusts
A trust is a legal framework that involves entrusting your assets to a designated trustee for management. Within this structure, the trust becomes the legal owner of your assets, while the trustee is responsible for their administration.
Two types of trusts that we help a lot of clients set up are Alter Ego Trusts and Joint Spousal Trusts. These trusts, available only to Canadian citizens over 65 years of age, are created during your lifetime and cater to specific circumstances, and have a variety of benefits, including a reduction of probate fees payable, privacy, and protection from wills variation claims. These types of trusts also function to provide incapacity planning in that the appointed trustee(s) are able to manage the funds should the original settlor become incapable of doing so.
An Alter Ego Trust is designed for singles (although it may be utilized by a person in a spousal relationship), and a Joint Partner Trust is tailored for married or common-law partners and enables you to transfer assets into the trust.
If you are interested in starting a trust, please reach out to our team and we will be able to provide guidance and help you through the process.
Executors, Representation Agreement, and Powers of Attorney
Before creating a will, you should note the difference between Executors (under a Will), Representatives (under a Representation Agreement) , and Attorneys (under a Power of Attorney) . These people all play pivotal roles when it comes to will and estate planning.
At Parr Business Law, we are here to help guide you through creating these important decisions in life. If you have any questions regarding executors, advanced directives, or powers of attorney, please contact us.
EXECUTOR
An executor is a person you entrust with the duty of ensuring that the instructions in your Will are carried out with diligence and integrity. Their roles include aspects such as overseeing assets, settling debts, ensuring tax obligations are met, and can include tasks like canceling subscriptions, paying bills, and attending to the maintenance of your home. Relationships can change over time, which is why it is important to review and change your executor if necessary. In certain circumstances it may be wise to appoint a trust company (a professional executor).
REPRESENTATION AGREEMENT
Life doesn’t always go as planned and sometimes unfortunate circumstances arise. By creating a Representation Agreement Directive, you can be prepared for these unexpected events A Representation Agreement is a document that provides another person with authority to make medical decisions respecting your care. Whether it's due to illness, injury, or cognitive challenges, this directive becomes the guide for healthcare professionals. Regardless of age or health status, we advocate for every individual to have a Representation Agreement in place, and to have a candid discussion with your appointed Representative(s) about the kind of care that you want should the unthinkable happen.
POWER OF ATTORNEY
Appointing a Power of Attorney is a legal tool that empowers an individual of your choosing to manage your legal and financial affairs in the event you're unable to, whether it's due to sudden incapacitation or unavailability (e.g. an overseas out-of-cell contact journey). From managing financial assets to making crucial medical decisions, a POA will help ensure that your life sails smoothly even during turbulent times. The most important part of choosing a Power of Attorney is trust. Your POA should be reviewed and can be adjusted if you wish.
FAQs
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If you don’t have a legal will, your assets will be distributed according to the rules of intestacy, which will pass your estate down to your closest living relatives in a way that may not align with your wishes. Dying without a will can also cost your loved ones money and create confusion and potential conflict, as they may need to seek legal counsel to figure out how to handle your estate. The distribution of an estate without a will takes longer and is generally more expensive than it is with a will. A dispute may arise as to who will act as the estate administrator (aka executor) of an intestate estate.
Plan ahead and contact us if you’re looking for the best estate planning lawyer in Vancouver
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Yes. However, online services don’t come with the benefit of proper legal and tax advice. Drafting an estate plan is one of the most consequential actions you can take. Improperly drafted wills can be invalid, challenged by beneficiaries, or create adverse tax consequences. Make sure you work with a law firm that has lawyers that do wills specifically.
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You’ll want to determine who the executor of your estate will be, who your beneficiaries will be, and who will serve as a guardian for minor children or pets. A wills & estate lawyer can provide professional advice and draft a comprehensive will that addresses all of your wishes while also minimizing the taxes that your loved ones will have to pay on your estate.
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There are numerous reasons you may want to update your will, such as getting married or divorced, having children, or a change to your financial situation. You may have had a change of heart when it comes to your beneficiaries or decided to incorporate a deserving charity into your will. Whatever the circumstances, one of our Vancouver wills & estate lawyers can help you update your will to ensure it reflects your wishes.
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Wills are technical and complex. There are many ways to invalidate a Will, create unintended ambiguity about your wishes, or generate an unexpected tax burden. Partnering with a lawyer ensures your will's legality which will prevent potential complications for your family and other beneficiaries.
Need Advice on Making a Will?
SCHEDULE A FREE 15-MINUTES CONSULT CALL
When it’s time to secure your family’s future with a legal will, Parr Business Law can help. Our Vancouver wills and estate lawyers can advise you on how to structure your estate and help you prepare a legal will to ensure your own peace of mind. Schedule a free consultation call today to start the process of creating a will. We have lawyers that do wills and represent clients throughout Vancouver, the Lower Mainland, and all of British Columbia.