Wills: Protect Your Assets - Do Not Die Intestate

If you die intestate, your assets will be distributed according to the intestacy rules, which may not be what you wanted. Before that distribution can be done, your heirs will have to apply to court to appoint an administrator for your estate. By making a will you appoint a person you trust to distribute your assets to intended recipients, in the amounts and at the times you think fit.

Lack of Estate Planning may lead to depletion of the assets – not all assets need to become part of your estate and, as a result, subject to probate fees. That can be avoided by passing assets outside the estate or under a separate will.

You Can Protect Your Minor Children By Appointing A Guardian Under Your Will

Where a will maker has minor children their will can:

  • Name testamentary guardians for the children;
  • Set out how the estate will be administered to take care of those children; and
  • Direct when and in what shares it will be distributed to them.

We Will Carefully Draft Your Will To Lessen Possibility Of Variation By The Courts

Under BC legislation (Wills, Estates and Succession Act) the Court has the power to vary the terms of a will. It entitles children, spouses and common-law partners that are not happy with the distribution to them under the will to apply to court to vary that distribution. Such power in the courts leads to a significant loss of testamentary freedom.

Avoid Probate, Distribute Assets Without It

Generally, for administration of an estate where there is a will, the will needs to be probated. The probate process is time consuming, costly and requires public disclosure. All of that may be avoided if the will is administered without probate. However, for that to happen Estate Planning and Tax Planning are necessary.

Avoid Probate, Pass Assets Outside The Will

Examples of dealing with the assets outside the will include passing of the assets on the death of an individual pursuant to the terms of a Trust, right of survivorship under the joint tenancy, designation in a life insurance, RRSP or RRIF.

You can find additional information on our blog.

Protect Your Assets and Secure your Wishes. Get Legal Advice Today.

Contact Granville Law Group and schedule a free, 30-minute consultation with our lawyers. Call us at 604-757-9385 or arrange a meeting using our online contact form.