BC Make a Will Week
October 4 – 10, 2020 is Make-a-Will Week in BC. The purpose is to encourage individuals to write their Will or bring an existing Will up-to-date. Your Will is an integral part of your financial plan and your Estate Planning Specialists at Integris are here to help!
Why is Making a Will Important?
- A Will can communicate how you want your property and assets to be distributed so that the people you love, the charities and organizations you care about are provided for.
- It is a written document that speaks for you after you die; it provides clarity and makes it easier for your family, prevents conflict, saves time and reduces stress.
- You can name a guardian for your children if you pass away before they reach adulthood.
- You can leave specific instructions such as arrangements for your funeral.
Do You Have A Will?
If you can answer yes to this question, you’re in the minority. Recent studies have shown that over 50% of adult Canadians do not have a Will at all.
Canadians list several reasons why they don’t have a Will; including feeling as though they are too young, don’t have enough assets to warrant making a Will, or that they are simply too uncomfortable in dealing with the entire subject.
Who Needs a Will?
If you have property and assets you should have a Will. Your Will should be updated when life events cause changes such as: marriage, having children, a death in the family, divorce or property acquisition. It is recommended that you review your Will every few years to make sure it continues to reflect your life and wishes.
What Happens If You Die Without a Will?
If you die without a Will holding assets you die “intestate”, which means there are no instructions on how to divide or distribute your assets. Your assets will be distributed according to the Wills, Estates and Succession Act (the “Act”). The Act basically writes a Will for you and you have no say in who gets what or who administers it for you. If you die without a Will, administering your estate is often longer and more expensive, which can cause your surviving loved ones unnecessary grief and aggravation.
How to Make a Will
Making a Will does not have to be overly complicated or expensive depending on your circumstances. There are several ways you can create a Will. All are perfectly acceptable ways to write your Will and each has advantages and disadvantages.
- A holographic Will is one that a person writes entirely in his or her own handwriting and not signed by any witnesses. Some people prefer doing things the old school way, including the writing of Wills. Those who are handwriting their own wills should keep in mind the scope of legalities to which a Will must adhere. Since most people writing them have little to no legal knowledge, these kinds of Wills may have errors or omit things necessary in Wills. Such mistakes could compromise a person’s last wishes.
- Do it yourself by purchasing a blank form Will kit. You can find blank form Will kits at popular stationary stores. The appeal to these kits lies in their affordability. However there is very little instruction provided and without clear instructions and solid advice, errors are far more common. Blank form will kits are usually only a couple of pages long, and are not designed to accommodate anything that is non-standard.
- Use an online Will provider service. Online Will kits offer affordable estate planning while solving some of the problems of store-bought, blank form Will kits. Using interactive software, they are able to go more in depth and provide a user experience that is comparable to that of tax software companies. They guide the consumer through a series of questions, leading to an outcome that is more accurate and customized to the individual. For those whose estate needs are more simple, an online Will kit is an option worth considering.
- Have it written by a lawyer or notary. This is usually the safest route, particularly if you have considerable assets or a more complicated situation. Lawyers or notary publics are qualified to write wills that clearly state your wishes, so there are no misunderstandings and less chance of your Will being challenged in court.
Once you have a Will, keep it somewhere safe. You can store it at home with other important documents, ideally in a fireproof box or you can store it in a safety deposit box at your financial institution, but make sure your executor knows where to find it. If you had a lawyer draw it up for you, they will also keep a copy with their records.
If you have questions about estate planning, making your Will or would like your current Will reviewed, contact us for a free consultation with our Estate Planning Specialist, David Gulko.
David Gulko
Estate Planning Specialist
5th & Central
530 Central St. East, Prince George, BC V2M 3B7
250-612-3419 | dgulko@integriscu.ca
Resources
For more information on Make-a-Will Week or on writing your will, please visit the Provincial Governments link on Estate Planning: https://www2.gov.bc.ca/gov/content/family-social-supports/seniors/financial-legal-matters/wills-and-estate-planning
