The Ultimate Estate Planning Checklist In British Columbia
It often takes a lifetime to accumulate substantial wealth. You wouldn’t want to pass it on to people who aren’t worthy of it. Estate planning may seem complicated but is essential. It lets you choose the right beneficiaries and tools to manage your wealth. If you live in British Columbia, hire an experienced lawyer in your town to get started. The first step can be as simple as making Google searches like “a wills and estate lawyer near me.”
However, with Cube Law, your search for such a professional has ended! We help you with the entire process of estate planning in BC, working in your best interest. Contact us to get started today!
Before that, allow us to give you the ultimate estate planning checklist for BC. This checklist contains most of the important details you should know before planning your estate. From choosing the right documents to following the right procedure, it gives you all the details you should have in advance.
Let’s start the checklist by defining estate planning.
What Is Estate Planning?
Estate planning is all about making legal declarations about passing on your wealth to your loved ones after your demise or when you lose mental capacity. It involves various documents like family trusts, wills, deeds, beneficiary designations, representation agreements, and more.
Estate planning also involves working with a trusted wills and estate lawyer in BC. These professionals’ help their clients draft documents, inform beneficiaries, appoint trustees or attorneys, and resolve disputes. While the process may seem complicated, it gets easier if you follow the right steps and seek professional help.
What Is The Right Stage To Prepare An Estate Plan In BC?
There is no right age to prepare an estate plan in BC. People often assume that it is the job of people who are past their sixties. Lately, people have started making these plans in their 30s, too. It is never too early or late to plan or estate. You can always make the necessary amendments as you grow older.
Which Documents Do You Need For Estate Planning In BC?
Estate planning requires you to prepare and sign various documents depending on your requirements. You may choose to draft one or more of these documents with your lawyer’s help:
Family Trust
This is a document allowing you move your assets into a trust and appoint a trustee to manage them. You will also need to choose the beneficiaries and mention their share in the document. The trustee shoulders the responsibility of distributing your assets to the beneficiaries on time.
Will
A will is an official document containing your wishes about distributing your assets. Choose an executor who will manage your wealth and distribute it among your loved ones. After your demise, the executor will need to get a probate approval of your will from the BC Supreme Court.
Power Of Attorney
Power of Attorney (POA) is a document that lets you appoint a trusted person (attorney) to manage your operations if you cannot. Your attorney can continue handling your affairs in your absence for a long time or for a specific task. However, your POA won’t involve decisions related to health and personal care.
Representation Agreement
This document is similar to a POA and involves decisions related to health and personal care.
Beneficiary Designation
As the name suggests, this document lists the beneficiaries who will receive the benefits from your retirement accounts, life insurance policies, savings accounts, and other assets.
Guardianship Document
You will need a guardianship document to declare who will look after your kids and other dependents in your absence. It makes the lives of your kids easier and avoids conflicts after your demise.
How To Prepare An Estate Plan In British Columbia
Here are the important steps to follow to prepare an estate plan in British Columbia:
List Your Assets And Liabilities
Before managing your estate, you should what exactly you are passing on to your beneficiaries. You would never want to surprise them with unexpected gains or losses. Start by listing down all your assets and liabilities.
Hire A Lawyer
After you know the wealth you are dealing with, you can look for a reliable wills and lawyer in British Columbia. Hire a lawyer who understands your requirements and possesses the expertise you will need along the way.
Choose The Beneficiaries
You can now choose the people who should benefit from your estate plan. Most people prefer immediate family members, close friends, and ex-partners with kids while preparing related documents.
Choose The Decision-makers
This is the time to appoint the people responsible for distributing your assets. They include attorneys, executors, representatives, trustees, and more.
Draft The Documents
This is arguably the most important stage. Work with your lawyer to create the documents needed for your estate plan. Choose these documents wisely as they will directly influence your wealth in the long run. It is also important to be as precise as possible while drafting them. This will reduce the chances of errors, misunderstandings, and future disputes.
Let People Know
Once you create the necessary documents and sign them, you can inform the people who matter. While secrecy is also advisable, ensure that a few confidants know about your estate plan. Let them communicate to your lawyer so that they can help them if any issues arise in your absence.
Review Your Plan Regularly
Especially if you are young, you should review your estate plan periodically. Store it securely and go through it to see if you need any changes. If things need changing, consult your lawyers and make them as soon as possible.
Create A Holistic Estate Plan In BC With Cube Law
Irrespective of your age and requirements, Cube Law helps you prepare a foolproof estate plan. Our wills and estate lawyers in BC will help you draft your documents, review them regularly, and guide you throughout the process. They will also explain every clause and provision to you in simple terms to keep you updated at all times. Contact us today to start your journey and take baby-steps to what seems a mammoth task!