Why Your Will Isn’t Enough: Documents Every BC Family Should Consider

Creating a will is one of the most important steps you can take to protect you and your family’s future. However, a will alone may not cover every situation that could arise during your lifetime.

A comprehensive estate plan in BC can include several important legal documents designed to protect your finances, health, personal wishes and loved ones if you become unable to make decisions for yourself.

Here are 5 tips from our expert estate planning team:

A will in BC allows you to set out how you want your estate distributed after your death. It can also name an executor to handle your estate and, where applicable, address guardianship arrangements for minor children.

Without a properly prepared will, your estate may be distributed according to BC’s laws rather than according to your personal wishes.

It’s important to review your will after major life changes, such as marriage, divorce, the birth of a child or grandchild, a significant change in assets, or the death of a beneficiary or executor.

What happens if you become unable to manage your finances while you are still alive?

An enduring power of attorney in BC allows you to appoint someone you trust to make financial decisions or handle financial matters on your behalf. Under BC’s Power of Attorney Act, an enduring power of attorney can authorize an attorney to make decisions concerning your financial affairs.

This can be particularly important if you own a home, investment property, business or other significant assets.

Importantly, a power of attorney is not a substitute for a will. It generally addresses financial decision-making during your lifetime, while your will deals with the distribution of your estate after death.

A BC representation agreement is another important part of an estate plan.

A representation agreement allows you to plan in advance for situations where you may become incapable of making certain decisions independently. Depending on the agreement, a representative can have authority relating to personal care, health care and certain financial matters.

This document can help ensure that your wishes are understood and that someone you trust is prepared to advocate for you if you cannot make decisions yourself.

Estate planning isn’t only about deciding who receives your assets after you die. It’s also about making your wishes clear while you’re alive.

Having the appropriate legal documents in place can reduce uncertainty for family members and provide clear instructions about who can make important decisions if you become incapacitated.

For BC families, this may include a will, enduring power of attorney and representation agreement, depending on individual circumstances.

Creating an estate plan is not a “set it and forget it” task. Your circumstances can change over time, and your legal documents should reflect those changes.

Regularly reviewing your BC estate plan can help ensure your documents continue to reflect your current family relationships, assets and wishes.

The right estate planning documents depend on your individual circumstances, family situation and assets. A Summerland estate planning lawyer can help you understand your options and ensure your wishes are properly documented.

Bell, Jacoe & Company has served Summerland and the South Okanagan since 1990, providing legal services including wills, powers of attorney, estates and other estate-planning matters.

Planning for the future can give you and your family greater peace of mind. Contact Bell, Jacoe & Company or call 250 494 6621 to discuss your estate planning needs and learn which legal documents may be right for you.