Category Archives: Wills and Estates

New Wills Law for BC

UPDATED

This is a summary of British Columbia’s new Wills, Estates, and Succession Act, which was to come into force in early 2012 and has been delayed to Spring 2013. The new Act repeals the Estate Administration Act, Probate Recognition Act, Wills Act, Wills Variation Act, and sections of the Law and Equity Act, and Survivorship and Presumption of Death Act.

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Writing a Will without a Lawyer

Whether you are young, old, healthy, or sick, leaving a will is an important task that should be done by all individuals. Granted, it can be stressful to think about what should happen in the case of your death, whether sudden or expected. But leaving a valid will can give you peace of mind and unburden your loved ones who are sure to face legal complexities should you pass away without a will.

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Assessing Assets as an Executor

If you are the executor or administrator of an estate, taking account of the assets of a recently deceased loved one can get very complicated. Moving residences prior to death or incomplete financial records can mean hidden assets where you, as the executor, might not expect them.

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Canadian Estate Planning Tip: Watch out for Joint Bank Accounts

After the loss of a spouse, an older parent may rely on a grown-up child to look after his or her routine banking chores. To make it is as easy as possible for the child, the parent may change a bank account that’s in his or her name alone into a joint account with the child. This simple arrangement, called a joint account of convenience, can work well while the parent is alive, but what happens to the money in that joint account when the parent dies?

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What If I’ve Been Appointed Executor in a Will in Canada?

Imagine for a moment you have been appointed executor of someone’s estate, and he or she passes away. Do you know what to do? Where will the deceased’s things go? Where do you even start? Or, perhaps you are writing your will and you need to decide who to appoint as executor; here are some things to consider regarding this important post.

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A Will for Your Digital Self?

I recently read articles in North American and European publications about companies offering a service of storing your passwords and other information relating to your online life, together with your instructions about their disposition if you die. Is this a good idea? Continue reading

Foreign Executors for Wills

Should you appoint a foreign executor?

There is no law saying that you cannot appoint a foreign executor in your will but there are two good reasons that make it a bad idea in most cases.

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Dying Without a Will in Canada

When someone dies without a will, or a will cannot be located, or is located but is deemed invalid, the person is said to have died intestate. Provincial laws deal with this situation, as each province has a potential interest in the deceased person’s estate.

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Canadian TFSAs and Wills

From January 2009, Canadians over the age of 18 can save up to $5,000 a year in a Tax Free Savings Account (TFSA). There are some potential issues you should know about regarding your TFSA and your will. Continue reading