– by Shannon Mather, Henley & Walden LLP –
If you don’t have a will, you’re in good company. Over 50% of British Columbians don’t have a signed, legally valid and up-to-date will. If there was ever a time to get your estate planning done, and leave more for your beneficiaries, now is that week. The B.C. Government has decided to encourage the public to write their will or update an existing will. March 31st to April 6th, 2014 is “Make-a-Will Week” in British Columbia.
Make-a-Will Week coincides with the Wills, Estate and Succession Act (WESA) coming into force on March 31st, 2014. WESA is meant to streamline seven pieces of legislation into one, provide greater certainty for individuals who put their last wishes into writing, lowers the age at which a person can make a will to 16, and clarifies the process for distributing estates where there is no will. Wills written before March 31st, 2014 are not invalidated by WESA. However, some of the laws interpreting wills have changed.
WESA aside, there are a number of other reasons to have an up-to-date will, including parents naming guardians for minor children, and ensuring that the people and charities you cherish most receive the benefit of your estate rather than according to some formula in WESA.
Another reason to keep an up-to-date will is to save money and leave more for your heirs. The two most significant ways that having a well-prepared estate plan can save money are (1) avoiding the extra costs associated with administering an estate where there is no will, and (2) taking advantage of tax-minimizing strategies.
The cost of administering an estate without a will, and the paperwork burden on those left behind, can be quite high. Succession of all property, including vehicles, bank accounts and land, can be complicated without a properly drafted will. Many institutions want to see written evidence of a person’s authority to deal with the assets of a deceased. The cost of obtaining a court order appointing someone as administrator of an estate is often more than the costs associated with having a written will.
There are tax savings available through wills and a proper estate plan. Your legal professional, working with your financial advisors, can develop an estate plan which reflects your wishes, protects those persons and things most important to you and also incorporates strategies that minimize taxes for your estate, leaving more for your heirs.
Having a written will is about you and your family and those people that matter most to you. A well thought out estate plan and written will can mean significant savings for your estate benefiting your heirs and your reward is peace of mind. Celebrate Make-a-Will Week 2014 and toast yourself for being part of the under 50% of British Columbians who have an up-to-date estate plan.
