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It can be difficult to think about what happens when you pass away. Yet the inevitable will happen to everyone and it\u2019s always best to consider what will happen when you do pass – who will look after your children? What will happen to your spouse? Who will be entitled to your estate?\u00a0Will planning can help address some of these concerns.<\/p>\n
When death occurs, having a legal document drafted will give your spouse, cohabiting partner, and any children the legal rights to your estate and assets<\/a>. If you choose not to write a will, your loved ones may have to discuss and agree what you specifically would have wanted to happen – which can lead to tension and family disputes, not to mention prove costly and confusing for all parties involved.<\/p>\n In British Columbia, the law states that those who pass without a will that the Will\u2019s, Estate and Succession Act (WESA) determines how your estate will be divided.<\/p>\n An administrator is appointed by the courts to deal with the subsequent division of your estate and any children will be appointed a guardian if you have not specified one in a will. A spouse, family member, or trusted friend can apply to be the administrator or guardian, but consider that this person may be against your final wishes, so it\u2019s always best to consider writing a will<\/a> to avoid this situation.<\/p>\n If you have no next of kin and leave no will document detailing where your estate should be passed onto, your finances and assets will be put into B.C. treasury.<\/p>\n Will planning doesn\u2019t need to be a miserable experience – think of it as safeguarding your family\u2019s future. Take these three key steps when you\u2019re planning your will to ensure that the process runs as smoothly as possible.<\/p>\n The first stage in planning your will is to consider specifically what your assets are. Areas to take into consideration include physical assets such as:<\/p>\n Monetary assets such as the below will also need to be considered:<\/p>\n You will also need to think about the liabilities you have, for example, mortgages, loans, and credit cards. To find the value of your estate, you will need to subtract your liabilities from your assets.<\/p>\n Beneficiaries are the people who will receive the assets of your estate. Most people choose to have their dependents as beneficiaries, for example, a spouse or children. Others choose other relatives as their beneficiaries or trusted, close friends – especially if they have no next of kin.<\/p>\n Beneficiaries needn\u2019t solely be the people who are given money, they can also be people who you would like other elements of your will to go to. For example, your car could go to your nephew\u00a0or your jewelry collection to a close friend. Beneficiaries give you the chance to reflect upon how and where you would like your assets to go to.<\/p>\n An executor is a\u00a0person who is chosen to carry out the terms and conditions of your will. Being an executor can be a complex and time-consuming task – but don\u2019t let this put you off who you choose. An executor should always be someone who you implicitly trust and ideally someone younger than you.<\/p>\n Make sure you ask the executor of your will for their permission. Whilst this isn\u2019t a necessity, it may be beneficial in the long-term.<\/p>\n Once you have followed these three steps to planning your will, you can begin to write and construct your will and think about estate planning<\/a>.<\/p>\nWhat Happens if I Don\u2019t Have a Will<\/h3>\n
Steps to take when planning your will:<\/h2>\n
1. What are My Assets<\/h4>\n
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2. Who are my beneficiaries?<\/h4>\n
3. Who will be the executor?<\/h4>\n