Estate Planning With Parr Business Law

Securing your family’s future has never been more important. Whether you are drafting a will, setting up a trust, or navigating the probate process, our experienced lawyers will tailor an estate plan to ensure your wishes are respected and your family’s future is secure. 

A well-crafted estate plan can help minimize taxes and legal fees associated with transferring assets, ensuring that more of your estate goes to your beneficiaries rather than being consumed by unnecessary costs and tax liability.

➔ Representation Agreement

A representation agreement allows you to authorize one or more persons to make decisions on your behalf. This provides flexibility when planning for the future, ensuring your wishes can still be respected if you are unable to make decisions for yourself. To give yourself peace of mind for the future, our experienced lawyers are happy to discuss a representation agreement with you. Click here to learn more and to schedule a free consultation call.

An ‘AET’ or ‘JST’ allow you to move your assets into a trust rather than having your assets pass through your estate and incur probate fees. The probate process take up to several years to be complete, which means your beneficiaries won’t receive your estate assets during that time. Note that both AETs and JSTs are only available to Canadian residents 65 years of age and older.

There is also a 1.4% probate fee applied to the value of the assets in your estate. Something as simple as a principal residence in Vancouver can cost upwards of $30,000 in probate fees. If you’re interested in saving time, money and having more privacy with your personal affairs, schedule a free consultation call with or trusted Vancouver lawyers. Click here to learn more about alter ego trusts and joint spousal trusts.

An advance directive allows you to provide written instructions to your healthcare providers of your wishes about your care in the event that you are unable to make decisions for yourself. An advance directive compliments a representation agreement well, providing clarity on how decisions should be made on potential health procedures such as chemotherapy or blood transfusions. Click here to view advance directive FAQs and to schedule a free consultation call to learn more.

Having a trusted person you can rely on to make financial or business decisions on your behalf in case you become unable to is invaluable. By granting a Power of Attorney, you ensure someone you trust is authorized to make financial and legal decisions on your behalf. This is a critical step in estate planning in case you become ill, injured or mentally incapacitated. If you’d like to learn more about power of attorneys including critical aspects, changing a power of attorney and comparing it to an executor, click here.

Saving your loved ones time, money and stress down the road is a non negotiable. There are confusing legal and financial questions that your loved ones will have to navigate if you die without a will. 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 kind of funeral should there be, and who should arrange and pay for it? 

Answering these questions with a will gives you the peace of mind knowing your family’s future is secure. Additionally, a well crafted will can save your descendants hundreds of thousands of dollars in tax. At Parr Business Law, our Vancouver Wills & 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. Click here to learn more.

Everyone’s situation is unique. It doesn’t matter if you have a blended family and want to look after your spouse while ensuring your kids from a previous marriage are taken care of, or if you're a business owner looking for the most effective business succession plan. As trusted Vancouver estate lawyers, we bring years of experience and a commitment to providing personalized estate planning services. Our lawyers can help navigate through the estate planning process with confidence and clarity. 

Click here to schedule a free consultation call today.

Probate

When an individual dies, their estate must go through a legal process called probate. This process confirms that the will is legally valid, confirms the value of the estate assets and ensures the assets don’t belong to someone else or have been willed to someone else. Once the probate process is complete, the executor is given a legal document called a grant of probate or grant of administration confirming the will is valid and can now be administered.

There are many complex topics when it comes to probate such as dealing with debts and creditors, disputing a will and international aspects of probate. Our experienced Vancouver probate lawyers have specialized knowledge on these topics. Click here to learn more and to schedule a free consultation call.

Estate Planning FAQ

When should I start estate planning?

The ideal time to start estate planning is as soon as you have any significant assets or responsibilities, such as property, investments, or children. This ensures that your wishes are documented and legally binding, providing peace of mind for you and security for your loved ones.

Can I use a DIY template online when creating a will?

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.

What if I die without a will?

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. In certain circumstances, this can result in assets being controlled by the Public Guardian Trustee (PGT) or even escheating to the government. An intestate estate invites uncertainty and stress.

How do I find a trusted Vancouver estate planning lawyer?

Located in the heart of Vancouver, our trusted lawyers can help you navigate the complexities of estate planning and probate issues, providing confidence and clarity around wills, powers of attorney, representation agreements, advance directives and more. We have years of experience leading to specialized knowledge in complex areas. 

Traditional legal firms all too often fail to provide a quality client experience. Our practice puts relationships first, meaning you’re treated like a human, not a number. We respect your time and energy by being timely and responsive and we strive to offer transparent, up-front pricing.

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