Many people don’t think of estate planning when they think of family law. Nevertheless, estate planning is very closely linked to family law. This is why we bundle estate planning services under our practice’s umbrella.
How can we help? We help you eliminate family disputes by helping you make your wishes clear. We also help to ensure that the wealth you’ve worked so hard to build will serve your loved ones well into the future. We ensure that assets are divided among your heirs in a way that preserves the value of those assets.
We also help challenge wills and litigate estates in situations where the wills have proven to be unfair. For example, some traditional immigrants leave all of their assets to their sons after death, while cutting their daughters out of the will entirely. If you are a disinherited daughter you can count on us to challenge this arrangement, as it is illegal here in British Columbia.
Either way, we protect your rights and provide you with guidance about what the law says in your specific case.
Finally, you can hire us to serve as your executors after you die, giving you the peace of mind that comes with knowing an experienced lawyer will be handling your affairs and distributing your assets after your death.
Why is estate planning so important in Surrey, BC?
Dying intestate, or without a will, means that all of your assets will be distributed according to the terms of British Columbia’s Wills, Estates, and Succession Act. The terms of this act are simplistic, and can result in assets being mishandled. Dying intestate can also create delays that will prevent your loved ones from accessing your assets in a timely fashion, which can cause them to suffer financial problems until the matter has been resolved.
Under the terms of the Wills, Estates, and Succession Act:
- Spouses get the first $300,000 of the estate if you have children in common; the children divide up the rest equally.
- If you have a spouse but have no children in common, the spouse gets the first $150,000, and the rest is split equally between you and any natural-born or adopted children from previous marriages.
- If you have no spouse but do have children, your estate is simply divided up equally between all of your children.
- If you have no spouse and no children, the courts distribute the following relatives stand to inherit, in order:
- Parents
- Siblings
- Nieces/Nephews
- If you have no viable next-of-kin, then the province takes your property.
These simplistic terms:
- Don’t account for step-children.
- Don’t account for more distant relatives.
- Don’t account for beloved friends.
- Don’t allow you to leave money to charity.
In addition, distributing assets is rarely as straightforward as writing a check. Dying intestate could mean the forced sale of rental properties that could be providing your family with an income. It could mean investment accounts get closed so the administrator can simply write a check, instead of sending monthly benefits to a loved one while the interest continues to grow the value of these accounts.
You’ve worked hard to build your assets over the course of your life. With our help, you can ensure that those assets continue to serve your interests after death.
Estate Plans vs. Wills
A will, by itself, is not an estate plan. It is simply the foundation upon which an estate plan is built.
A will:
- Communicates your wishes to the court in regards to asset division and funeral plans.
- Allows you to name guardians for your minor children.
- Allows you to name your own executor, rather than forcing British Columbia to appoint an administrator on your behalf.
Wills must be valid and legal.
- They must be witnessed properly.
- They must be written by a will-maker who is competent to understand what they are doing.
- They must be signed without coercion, trickery, or duress.
- They must adequately provide for your spouse and your children before providing for any other relatives or friends.
An estate plan uses a variety of other tools to help you manage end-of-life planning. It could include:
- A long-term care plan to communicate your wishes in regards to nursing home facilities, assisted living facilities, or home care providers.
- Guardianship arrangements so that you get a chance to name which family member will manage your affairs in the event that you become incapacitated.
- Trusts which can pass assets directly to beneficiaries, or which allow you to stipulate exactly how your money must be used in the future.
- Choosing life insurance policies.
- Naming the beneficiaries on any investment accounts you might own.
- Creating prenuptial agreements to help manage how your assets will be divided in the event of a divorce or in the event that you die during the course of your marriage.
- Succession planning for your business.
Estate planning can be extremely complex, especially for high income or high net worth individuals. It can be even more complex if you hold assets in the United States, China, Hong Kong, or any other country other than Canada. Many of these decisions will come with tax consequences as well. It is vital to work closely with an attorney who understands the potential impact each of your decisions will make, and who can help you craft a path forward for the future.
Start Your Estate Planning Today
Failed estate planning could mean embroiling your family in bitter disputes even before you die. Even choosing a guardian or care provider can become a point of such contention that the family may well fracture before your will ever becomes an issue.
Let us put the matter to rest by giving your family the only information that matters: what you want.
We’ve helped thousands of Surrey residents manage the wills and estates process. We’ve also helped thousands of Surrey residents challenge unfair, illegal, or invalid wills.
Protect your family and your assets. Reach out to our office to schedule your estate planning appointment today. Call 1-604-394-7777 to get started.