Don't Have a Will Yet?

The government gets to decide

how to settle your estate.*

 

Dying without a will ("intestate") is a big mistake that you can avoid today. If there is no legal will to direct the affairs of your estate, the government will decide on who should be appointed administrator, perhaps against your own liking. If the courts cannot agree on who should be the administator, they will assign a public trustee, as long as one is available, and the wait could be very long.

 

If you have a trust fund for your children, a will can give a surviving spouse the permission to use the funds for their children. Without a will, they would have to apply for a court order everytime a withdrawal is needed.

 

Without a will, your children could be placed under the care of someone that you would not like. Custody battles for children are often expensive and heart-breaking.

 

If you have no children, spouse, or relatives, when you die, the government will take your entire estate by value of "escheats". If you don't want this to happen, prepare a legal will today!

 

In British Columbia, if a married person dies without a will and the estate exceeds $65,000:

 

1. The first $65,000 goes to the surviving spouse

2. The remainder is divided so that 1/3 goes to the surviving spouse and the other 2/3 is divided evenly amongst any children.

 

While it is possible to create a legal will yourself, it would be best to have a laywer draft your will. This is especially important if you have minor children, trust accounts, own a business, or have investments and assets that you would like to divide according to your wishes.

 

 

Ask for our Free Estate Planning Kit to help you organize your financial affairs. It includes a Personal Records organizer, and important information for your family and for your Executor.

 

 

 

 

 

 

 

* This information should not be considered legal advice and is posted for reference purposes only. You should consult a lawyer for your legal questions.