A will is a gesture of financial planning as well as the affection people have for their loved ones. It allows an individual to ensure how their wealth will be distributed after their demise in the most unambiguous way possible. The importance of a will is immense and the person preparing the same needs legal assistance in validating the document.
Here is everything you should know about a will in British Columbia.
A will is a legal document containing instructions about the events following an individual’s demise, mainly regarding wealth distribution. Preparing a will is an act of securing your family’s financial future and ensuring that the people/businesses you trust receive the benefits they deserve in your absence.
While you can write your own will in British Columbia, it is always a good idea to enlist it with the help of a trusted will and estate lawyer surrey in BC. Involving a lawyer makes a will clearer, more elaborate, and unambiguous. Your lawyer will also ensure that there are no deficiencies regarding the execution of your will and its content. It also helps establish that the will maker has the mental capacity at the time of making the will. In case there is any dispute, these legal professionals will tackle the same effectively.
Here are some of the most important aspects a will addresses:
Irrespective of your age, it is advisable to prepare a will and add clear instructions within. If needed, you can always make changes to the document as you get older.
Here are a few reasons why preparing a will in British Columbia is important:
Without a foolproof will, your family may need to spend hours or even days facing bureaucratic hurdles. Preparing a will puts all these hassles to rest, ensuring a seamless execution of your instructions. For instance, the bank will be more willing to share details with a named executor in a will.
Your will is considered a legally binding instruction from your end. Considering this, you can clearly specify what happens to your body after your demise. This reduces any potential disputes arising after your demise. For example, you can specify where you wish to be cremated/buried.
Every parent wants their kids to live a financially secure life. Especially if you are the only breadwinner in your family, your demise may lead to financial uncertainties within your family. Your will allows you to specify that the money you saved up can be used by your partner for your kids in the event of your demise. You can also be more specific about how you want your money to be used to secure your children’s future.
If you already have a trusted individual in mind whom you want to be your executor, you can make this clear through your will. Otherwise, if there are contesting applicants for administering your estate, the court will choose an executor on your behalf, which may or may not have been your choice.
Your will also determines how your furry friend will be taken care of in your absence. You can clearly specify if you want your pet to go to a trusted individual, an animal shelter, or any other place of your choice. You can also save money for your pet and specify the same in your will to ensure your furry friend’s well-being.
Along with providing a financially secure future to your children, you can also choose who looks after them through your will. According to the Family Law Act, a parent can appoint any trusted individual to become their children’s guardian upon their demise. If your will does not contain any such provision, your kid’s surviving guardian (if any) will become their guardian by law.
Preparing a will lets you distribute your wealth according to your wish. You need not limit yourself to your partner, kids, and family members. You can give any individual a portion of your assets and mention the same in your will. While your immediate family members may make a claim if they feel they have not received the wealth they deserve, you will always have a choice to put any name in the document.
In 2024, digital assets hold as much importance as conventional assets. If you hold assets like cryptocurrencies, NFTs, and other digital assets, you can instruct your executor to distribute them to specific individuals after your demise. You can also mention who will have access to your social media accounts in your absence.
If you live in British Columbia and want to prepare a systematic will, Cube Law will help you prepare the legally binding document. Our lawyers will make you well-versed with the province’s laws and help you at every stage of enlisting the document.
(Please note that this content is only for informative purposes. Do not consider this legal advice from Cube Law. You can contact us to learn more about our services and prepare a will in British Columbia.)
