Should You Hire A Notary Or A Lawyer For Your Estate Plan?
Estate planning comes with immense responsibility. You are expected to make a sound and fair decision that benefits all your loved ones. From appointing a Power of Attorney to writing your will, every action should be made official and legally binding to avoid any confusion in the future.
In British Columbia, you can work with a notary or a lawyer for estate planning. Both these professionals help people draft their wills and make detailed estate plans.
However, the question of choosing a lawyer vs. notary remains.
The short answer to this question is that working with a lawyer is a better option than seeking a notary’s help in estate planning. Hiring a notary service comes with a few limitations that may hamper your estate planning journey. A wills and estate lawyer, on the other hand, helps you prepare a rock-solid estate plan.
Let us understand the differences between these two parties and dive a little deeper into the options you have for preparing your estate plan.
Lawyer Vs. Notary: What Is The Difference?
A notary has the power to authorize legal documents like a will. They also serve as key witnesses to individuals creating their estate plans. While you can have these professionals on board, you cannot seek legal advice from them regarding related legal domains, such as family law, taxes. Activities like creating a will are often connected with other legal and administrative areas. A notary is not equipped to help you here.
In most cases, people want notaries to act as witnesses to the signing of wills or Power of Attorney documents. This is just because they want the presence of a professional witness.
A lawyer overcomes this limitation, helping their clients with all related legal matters. You can hire a lawyer to act as a witness, authorize your documents, and receive personalized legal advice on important matters. Depending on your unique circumstances, your lawyer will guide you in making the right decisions. When you receive such holistic help, you can prepare a robust and foolproof estate plan.
Limitations Of A Notary In Preparing An Estate Plan In British Columbia
It is legally established that a notary’s role in creating an estate plan in British Columbia is limited. They cannot prepare a will where your assets are not immediately transferred to your beneficiaries. If you want to prepare a will that gives your loved one the benefits of your wealth at a later stage (when the value of your assets is likely to be more), you cannot do so with a notary’s help.
A notary cannot write a will that contains the following:
- A trust providing for children past the age of 18.
- A testamentary trust
- Life estate provision
- A completely discretionary trust
- A spousal trust
These limitations prevent you from creating an estate plan tailored to your needs. You may see yourself compromising quite a lot while working with a notary.
Why Should You Create An Estate Plan In British Columbia With A Lawyer?
In British Columbia, lawyers overcome all the limitations you are likely to encounter while working with notaries to prepare your estate plan. These professionals can also change a will after its creator passes away if necessary provisions are not included. They can also appeal to nullify a will or Power of Attorney if the person creating it was not mentally sound at the time.
People do their best to keep the risk of litigation as low as possible while creating their estate plans. This becomes possible with a lawyer’s intervention. Your lawyer will assist you in preparing the best and most robust estate plan. They will ensure that you distribute your wealth the way you want while adhering to all BC laws and regulations.
Moreover, wills and estate lawyers in British Columbia know the domain well and give you the most suitable options to choose from. From a family trust and a Power of Attorney to a will or a committee for testamentary incapacity, they will advise you on matters that are most relevant to your case. People often struggle with complicated family dynamics. Having a lawyer by your side makes it easy to navigate these matters.
If needed, a lawyer will also protect your best interests by representing you in a court of law in British Columbia. Your will may be challenged by your family members before or after your demise. An event may make you want to revoke your Power of Attorney. Your agent may challenge this decision. All these situations become more manageable with an experienced lawyer’s help.
So, coming back to the main question, it is always better to choose a lawyer over a notary to create an estate plan in British Columbia. Estate planning is a once-in-a-lifetime activity where you cannot afford to mess up!
Prepare A Comprehensive Estate Plan In British Columbia With Cube Law
Now that you know why a lawyer is beneficial for estate planning, hire Cube Law’s wills and estate lawyers to distribute your wealth. Our legal professionals will help you prepare the necessary documents, inform all the stakeholders, and understand every clause of every document. We will also advise you on matters unique to your case, ensuring your estate planning journey remains seamless.
(Please note that this content is written only for informational purposes. This is not Cube Law’s advice on estate planning. Contact us to get in touch with our wills and estate lawyers who will help you in your journey.)