How much do you stand to save by preparing a will based on a will kit, or with a notary as compared to a wills and estates lawyer? It is true that there are likely savings to be found and you stand to save even more if you don’t even prepare a will (around half…
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It is a common misconception that when a person dies, that person’s family inherits his or her debt. Beneficiaries are relieved to hear that this is not the case; generally speaking, you do not “inherit” debt unless you previously accepted responsibility for it. What Happens To Debt When a Person Dies? The answer to this…
Read MoreIt is sad but true: disagreements between family members can and often do arise. They typically fester, simmering just beneath the surface, for years. All it takes is the right trigger to make them rise to the surface with vigor. As an estate lawyer, I’ve seen it time and again and a family member getting…
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Under the Wills Act, a valid Will had to be in writing signed before two witnesses who also signed the Will at the same time in each others' presence. These requirements were mandatory. If they were not followed, the document was not a Will. Will Estates and Succession Act On March 31, 2014 the Wills…
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We know when we die we will leave all the property or wealth we have accumulated behind. It is important for you to take the steps necessary to ensure the people you want to be in charge of distributing your property get the job with the ability to distribute your property the way you want. …
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What is a Power of Attorney? A Power of Attorney ("POA") is a document authorized under the Power of Attorney Act of British Columbia. A person or company (the “Principal”) signs the POA to appoint another person (the “Attorney” – not to be confused with the American term for lawyer), to act on behalf of…
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What is a Power of Attorney/Enduring Power of Attorney? A Power of Attorney (“POA”) is a document signed by a person (the “Adult”) appointing another person (the “Attorney”) to manage the Adult’s property and finances. Pursuant to the Land Title Act (BC), a POA must be witnessed by a lawyer or notary in order for…
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A Representation Agreement (“RA”) is a legal document with allows a person (the “Adult”) to appoint an individual (the “Representative”) to be their decision maker in the future should they need assistance making personal and/or health care decisions. If you have accepted an appointment as Representative, it will be your responsibility to make those kinds…
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While some wealth is needed to justify the creation of a trust, there are many good reasons why average people should consider including trusts in their planning. A trust can be created when you are alive (an inter vivos trust) or as a result of your death (a testamentary trust) under a Will, or a…
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Why Use Testamentary Trusts in Estate Planning? Testamentary Trusts have been a popular and favored estate planning tool for a variety of reasons, one of which was tax benefits. A testamentary trust is a trust established by a person as a result of his or her death for the benefit of another person. If you…
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