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
use this website