WILLS & ESTATES

We have prepared over 6,000 wills and currently process up to 80 estate applications yearly.  We have the experience to take care of your and your family's needs,

British Columbian wills and estates are governed by the Wills Estates and Succession Act (“WESA”).

Part 4 of WESA outlines the fundamental rules that must be followed to ensure your Will is valid in BC.  A Will maker must possess mental capacity and be at least 16 years of age.  Wills must be in writing and signed by the Will maker in the presence of two witnesses who cannot be appointees or beneficiaries named in the Will.  In addition, the Will maker and the two witnesses must initial the bottom of each page in the Will.

Simple Wills

A will is a legal document wherein a person appoints one or more executors to administer their "estate" - which is the money and property they own at the time of their passing. 

Over 90% of wills are "Simple Wills" which leave an estate to a spouse, if the spouse is alive, or, if the spouse is not alive, to the Will maker's surviving children in equal shares.

A Simple Will also provides that if one of the children is not alive at the passing of the last remaining parent, the deceased child's share of the estate will go to their surviving children in equal shares, however if they have no surviving children, their share will go to the Will maker's other surviving children, or to their residuary beneficiaries.

Advanced Wills

Most people will be satisfied by having a "Simple Will" manage their estate when they pass.  However, there are situations where a complex will or multiple wills can provided more flexibility and advantages over a simple will: dealing with blended families, more than two charities or more than six beneficiaries, adding a spousal life estate, a spendthrift or disability trust, dealing with a business succession scheme, or adding specific clauses required by your CPA for tax purposes, or clauses required by your trust company acting as the Will's executor.

Inter Vivos Trusts

Inter vivos trusts are another method to manage your assets during your lifetime for the benefit of yourself, your spouse and your children.  Inter vivos trusts are legal entities that create a fiduciary relationship between the settlor of the trust, the trustee of the trust and the beneficiaries of the trust during the lifetime of a person. This is different from a testamentary trust where the trust is only created upon the death of the willmaker. Two common types of inter vivos trusts are the family trust and the alter ego trust. Typically, these trusts are discretionary – meaning that the trustee has discretion in making distributions of income or capital to the beneficiaries of the trust. One of the big advantages of an inter vivos trust is that, although the beneficiaries have no legal interest in the assets of the trust, they may receive income or capital from the trust at the discretion of the trustee. Trusts require careful planning, particularly in regards to the applicable provisions of the Income Tax Act of Canada and any future changes to the said Act.

Disability Trusts

If you wish to provide for a person with reduced capabilities, either mental or physical, setting up a disability trust clause within your will can be an effective solution. Such a clause will appoint your executor or another person (the “Trustee”) to be responsible for carrying out your wishes in regards to the disabled person. Typically, a will maker will set aside a portion of their estate which will be held in trust for the benefit of the disabled person and administered by your Trustee. Usually, the will maker grants broad powers to the Trustee to manage the trust and provide for the needs of the disabled person which can include paying for clothing, household equipment, transportation, healthcare, care providers and education costs. As the disability trust can last for a lengthy period of time, ensure that your Trustee has provided consent to being appointed and that an alternate be named as well. In addition, the trust clause should allow discretion in giving any benefit to the disabled person such that any government benefits received are unaffected or reduced minimally as possible.

Corporate (Trust Company) Executors

If your estate is large (over three million dollars) and complex, or if you have no spouse or children, it may be advisable for a professional trustee to administer your estate rather than an unsophisticated relative. Being an executor of a will is a time-consuming endeavor, especially if the estate has many assets or owns a business. Most executors have a full-time job and are unable to devote their full time and attention to probating the estate. A will maker can appoint a trust company to be the executor of the estate. Many trust companies are affiliated with chartered banks or credit unions. They have dedicated persons who offer professional executor services. However, trust companies do charge a fee for administering an estate whereas a regular executor has the option to charge a fee. As well, trust companies require specific wording to be included in a will to appoint them as executors.

Multiple Wills

For business persons, it may be advantageous to have multiple wills. In order to probate a will in BC, a fee of approximately 1.4% of the gross value (not the net value) of the estate must be paid to the province. WESA does not require a will be probated. A business worth millions of dollars can attract a hefty filing fee in order to obtain probate. However, government agencies, such as the Land Title office and ICBC require probate to transfer assets to the executor of the will. By splitting the estate assets and dealing with them in separate wills, a will maker can use one will to deal with assets that do not require probate (such as shares in a closely held private corporation) and a separate will can be used to deal with assets that do require probate (such as real estate).

Hospital Visits

We prepare wills, estate and conveyancing documents for off-site execution at either Surrey Memorial Hospital or Laurel Place Hospice at our regular prices plus $360 per every offsite visit required.