Wills and Estate Planning

Wills and Estate Planning

Having a will is the best thing you can do to protect yourself, your family, and your business.

There are many reasons why you should have a will. At Lambert Law, we can help you through the estate planning process including will drafting, preparing powers of attorney and representation agreements. These are important steps to  protect your beneficiaries from needless expense.

If you have a will, you should review it every five years to ensure it reflects your current situation and intentions. In British Columbia, the new B.C. Will, Estates and Succession Act (WESA) came into effect in March, 2018. Wills created before this date are still valid, but the distribution of assets, laws of intestate succession (if you die without a will), and survivorship rules have changed. 

Why do I need a will?

• A will is a legally-binding document that allows you to lay out exactly how you would like your estate to be handled after you have passed on.
• A will provides peace of mind – in the event of  unexpected death or disability, a properly drawn up will helps alleviate some of the stress during a very emotional time.  
• Your will appoints your Executor - the person you trust to ensure your affairs are in order, such as paying your bills, canceling your credit cards and notify your bank and your beneficiaries. Your Executor is also responsible for distributing your assets.
• A will allows you to appoint the person(s) you want to raise your minor children. Without a will, the court will appoint a family member as guardian and this may not necessarily be someone you would have chosen.
• All estates must go through the probate process. Having a will helps to expedite things. Without a will, the probate court acts as your estate administrator and decides how to divide your assets. This can be a very lengthy process.
• A will can also minimize estate taxes by reducing the value of your estate by giving away assets to family, friends, or charities.

Lambert Law’s estate planning services can advise you on the best way to protect yourself and your family. Having a properly drawn up will is much cheaper than court battles between family members which is a common occurrence when people do not take the time to consider what to do with their assets upon their death.