Creating a Will is an essential step in managing your estate, ensuring that your wishes are honoured after you pass away.
Creating a Will is an essential step in managing your estate, ensuring that your wishes are honoured after you pass away. A Will is more than just a legal document; it’s a definitive plan for your assets, which may include real estate, financial investments, personal belongings, and other significant holdings. It’s important to recognise that assets owned jointly or those with designated beneficiaries usually fall outside of your estate.
Selecting an executor is one of the most important parts of drafting your Will. This person manages your estate’s assets, settles outstanding debts and taxes, and distributes the rest to your beneficiaries. Family members, friends, or professional trustees are all common choices — and naming co-executors can help in the right circumstances, though it carries a deadlock risk worth understanding first. Designating an alternate executor is also prudent, ensuring continuity if your primary choice cannot act.
For parents with minor children, a Will is instrumental in appointing a guardian. This decision should be made with careful consideration of the guardian’s location and their capability to support your children. The appointed guardian will step in to provide care if you pass away before your children reach adulthood.
A Will empowers you to choose beneficiaries for your estate and specify the portions they receive. While spouses, children, siblings, friends, and charities are typical choices, it’s important to understand your legal obligations, particularly concerning your spouse and children, as outlined in the Wills, Estates and Succession Act. We advise consulting with a legal professional, especially if you’re contemplating excluding a spouse or child from your Will.
Dying intestate, or without a Will, can lead to undesirable outcomes. Without a Will, you relinquish control over who administers and benefits from your estate. This lack of direction can result in family disputes, increased legal fees, probate complications, and potential involvement from the Public Guardian and Trustee. A well-structured Will — paired with a power of attorney, a representation agreement, and, where useful, a trust — reduces tax, limits disputes, and keeps your estate’s value intact.
If you have an existing Will, it’s wise to review it periodically, ensuring it reflects any life changes, such as alterations in your choice of executor, guardian, or beneficiaries. Regular updates can prevent future complications and ensure your Will remains an accurate representation of your wishes.
If you are drafting or updating a Will, or have questions about estate planning, our estate planning team can help — most clients sign a will, a power of attorney, and a representation agreement at a single appointment.
Written by Lime Law Corporation. This article is general information about BC law as of January 21, 2024. It is not legal advice. If you have a specific matter, contact us — and please do not rely on a blog post in place of advice on your file.
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