Essential Estate Planning for British Columbians
Estate planning is something many people put off, assuming it's only for the wealthy or elderly. In reality, every adult should have a basic estate plan in place. As estate planning lawyers in Surrey, we've seen firsthand the difficulties families face when a loved one passes without proper documentation.
1. A Valid Will
Your will is the cornerstone of your estate plan. It specifies who inherits your assets, names an executor to administer your estate, and (critically) names a guardian for minor children. In BC, if you die without a will (intestate), the Wills, Estates and Succession Act (WESA) determines how your assets are distributed — which may not align with your wishes.
2. Enduring Power of Attorney
A power of attorney authorizes someone you trust to manage your financial affairs if you become incapacitated. An "enduring" power of attorney continues to be valid even if you lose mental capacity. Without one, your family may need to apply to court for committeeship — a costly and time-consuming process.
3. Representation Agreement (Healthcare Directive)
This document authorizes someone to make healthcare and personal care decisions on your behalf if you cannot make them yourself. BC has two types: a Section 7 agreement (for routine health and personal care) and a Section 9 agreement (for more significant decisions including end-of-life care).
4. Beneficiary Designations
Assets like life insurance, RRSPs, TFSAs, and pensions pass directly to named beneficiaries — outside your will. It's crucial to keep these designations up to date, especially after major life events like marriage, divorce, or the birth of a child.
5. A Letter of Wishes
While not legally binding, a letter of wishes provides guidance to your executor and family about your preferences for funeral arrangements, charitable gifts, distribution of personal items, and messages to loved ones.
Don't Wait to Plan Your Estate
Many people assume estate planning can wait, but unexpected events can happen at any age. Our Surrey estate planning lawyers make the process straightforward and affordable. A basic will and power of attorney package can be completed in just one or two appointments.