Making a Will in BC This Coggle is NOT legal advice.

Dying intestate

Who inherits?

Administration of estate

Who becomes guardian of your children?

Choices

Name executor (and backups)

If you have children under 19,

Tasks

Generally

characteristics

You’ll want a responsible and capable person to be your executor.

Your executor can also be a beneficiary.

Backups

Why?

who?

Spouses often choose each other to be their executor with a backup in case they both die together.

in case the person you choose isn’t able or willing to do the job at the time.

or else

Without a backup executor, family or friends or the Public Guardian and Trustee may have to make a court application.

co-executors

Consider what
happens if they disagree

Name beneficiar(ies)

What?

who?

children, spouse, other family members, or close friends

“residue” of the estate, meaning everything left once the executor has paid all debts, expenses, and taxes (and distributed specific gifts)

Name backups

Why?

Lapse

What

If the beneficiary of the
gift predeceases the will-maker

Then what?

if the beneficiary was the brother, sister
or a descendant of the will-maker, to
their descendants (s.
46(1)(b))

Then to the surviving residuary
beneficiaries, if any, in proportion to
their interests (s. 46(1)(c))

Then intestacy rules s 44

Typically

Spouse & testator's kids
s21(4)

to spouse

first $150K
household furnishings
right to purchase home for 180 days

residue

1/2 to spouse,
1/2 to descendants

Spouse & kids from marriage
s 21(2)

spouse gets first 300K
household furnishings,
right to buy home for 180 days

residue

1/2 to spouse,
1/2 to descendants

multiple spouses
s 22

as the spouses agree or as
determined by the court

spouse only
s 20

goes to spouse

kids but no spouse
s 23

equally among descendants

brother and
sisters

equally to the descendants of
the intestate’s parents

none of the above?

23(2)(d)(e)and (f)

Why children and spouse?

It's the law.

choose guardian

make a trust

Choose gifts

How

In the will

In a letter

Requires legal formality to change

you can change it easily at any time

Except

Joint assets

certain investments

what

what

you probably named a beneficiary for them when you signed the documents. These assets will go directly to that beneficiary when you die. :

aren’t usually part of your estate (or your will). They go directly to the joint owner when you die

Joint assets such as joint bank accounts or property that you own in joint tenancy

RRSPs, RRIFs, and TFSAs, other investments, or life insurance,

what

A trust is a legal way to hold property for underage child(ren). Usually the backup executor, as trustee, will set up a trust bank account.

Instruct your trustee to use the funds for the benefit of the child(ren) until they reach 19. You also allow the trustee to transfer some or all of the trust funds to the legal guardian to use for the children’s benefit.

what

The guardian will have the same legal responsibilities that you currently have for your child(ren).

who

Usually, you name someone who’s involved with your child(ren).

or else

Family members or close friends may have to go to court to be appointed guardian.

carries out your instructions and winds up your affairs.

Specifically

tell employers, creditors, banks, and government agencies that your spouse has died

do income tax return and pay any income tax they owe


distribute the estate according to your instructions


pay all outstanding debts

make funeral or memorial arrangements and payments

Optional considerations

Funeral instructions

Formalities

Capacity

Witnesses

Must

must not

and must not be your spouse, an alternate beneficiary, or an alternate beneficiary’s spouse.

A witness must be a mentally capable adult (19 years of age or older)

Can

You can each have the same witnesses. The lawyer or notary or staff who work at their office can be a witness.

you must tell the witnesses that the wills are yours. You and your witnesses should also initial each page. The wills must have the date you signed it included on it.

Be together with the will-maker during the signing

Follow-up

Storage

do

Give your backup executor copies and let them know exactly where you are keeping your wills.

do not

keep the wills in your safety deposit box unless the backup executor also has a key to the box. Without a key, the backup executor has to prove that they’re the executor before the bank will give them access to the box.

register the location and date you made them with the Wills Registry from the Vital Statistics Agency of BC.

Keep records

All that you own
and all that you owe.

Own

owe

bank accounts, RRSPs, RRIFs, TFSAs, and other investments, insurance, real estate, and pension benefits.

credit-card debts, a line of credit, personal loans, mortgage loans, and payments under a court order

outside Will

owned in joint tenancy

name a specific beneficiary

Update

how

codicil (a formal document amending the will)

when

any changes such as a beneficiary dies, underage children become adults, you become grandparents, or you separate or get divorced (a divorce won’t automatically cancel a will).

keep your wills in a fireproof (metal) box such as a metal filing cabinet or cash box or even in your home freezer.

who executes?

how

spouse

then child

then relative

then friend

then Public Guardian and Trustee

needs to file documents in British Columbia Supreme Court that ask the court to appoint the person to administer the estate.

Other

must have the date included on it

must be in writing

Do you understand the nature of a will?

Do you understand the extent of your property?

Do you appreciate the claims to which you ought to give effect?

Beneficiary designations

Lawyer up?

Do any of the above apply?

You can designate the beneficiary of a life insurance policy or benefit plan in your will, even though the proceeds “pass outside the will” and don’t form part of your estate.

wake

memorial service

burial vs. cremation,

Get probate

Some estates that involve only a small amount of money (under $25,000) may not need to go through probate.

It is up to the third parties who hold your assets whether they will give the executor those assets without probate.

New will

or cancel

destroying the original will (you must destroy it with the intention of revoking it), or

making a written declaration revoking your will, signed in the same way as a will (for example, signed by you and two witnesses).

Freely made

Freely agree with the contents of the will at the time you make it;

To protect himself or herself against personal liability, an executor should advertise in the newspaper for creditors and claimants against the estate

The debts of an estate (including income tax) must be paid before any beneficiaries receive their money. If an executor ignores the debts and pays the beneficiaries, the executor may be held personally liable for those debts.

  • blended family,
  • wish to disinherit potential beneficiaries
  • a desire to hold property in trust for someone (such as a child),
  • family business is involved
    -you hold property outside of BC
  • you want to make charitable gifts

Yes

Use a lawyer

no