While it’s important for all adults to have a valid will, it’s particularly important for parents to make decisions about guardianship and distribution of assets that will affect their children’s future if the parents pass away.
Guardianship determines who will care for minor children after their parents die. In most cases, parents appoint a close family member or friend to be the guardian and, occasionally, two guardians might be appointed.
Other important decisions are needed around the division of assets, such as property and money. There are a number of options to consider and a lawyer or notary public may assist in determining the best option for your family.
For example, you can leave very detailed instructions about how much and when your child should receive their inheritance, or there may be circumstances where it works best to divide assets in equal or specific amounts, knowing the value of assets will fluctuate over the years. A trust is another option and effective when there are expensive ongoing payments that would be unreasonable for the guardian to bear.
Now is the perfect time to make your will. For information on these and other resources, visit: www.ag.gov.bc.ca/make-a-will.
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• The new Wills, Estates and Succession Act makes estate planning simpler and easier for the general public to understand.
• Having a will allows you to set out your wishes.
• A set formula will be applied to divide your property if you do not prepare a valid will.
• The legislation will not invalidate any wills validly made before it comes into effect.
• Some of the laws governing the interpretation of wills are changing, so individuals who already have a will may choose to have it reviewed by a professional to ensure their wishes are upheld.
