Get Started with Estate Planning This Year
Along with the transition to telecommuting, increased amounts of Netflix, and a little more time spent around the house, the pandemic has brought many of us face-to-face with the reality of our final demise. We’re not trying to be morbid, but where writing a will once seemed a long way off, you might find yourself eager to ensure that you’ve made a plan to pass along your assets. Clear up a couple of misconceptions and make 2021 the year you get started estate planning with our real estate lawyer in Vancouver.
What do I have that would be considered valuable?
If you take an initial look around your living space, you might not see much that would be considered valuable. But keep in mind that a will addresses things like:
- your car
- bank accounts
- retirement accounts
- guardianship of children and pets
- gifts to charity
Is writing a will complicated?
There are several options for DIY will kits but if you’re in Vancouver, you can save yourself a lot of headache by meeting with our real estate lawyer for 30 to 60 minutes. The option allows you to go over your assets, family situation and life plans in a comfortable space where you can clarify what you really want for the future.
Largely, writing a will means getting through some of these tough initial conversations and the pay-off is worth it. As you talk this out with a real estate lawyer, we will capture your instructions in a document that you are able to edit over time should things change.
Once you’ve had this initial meeting, you only need to meet one more time to sign off on your will, and we’re happy to eliminate your travel time with our mobile service.
What happens if I don’t write a will?
If you die without a will in BC, the results can be complex and expensive. You may not have realized that if you die without a will the courts will appoint somebody to administer your estate and take care of your affairs. This includes distributing your estate according to a preset formula that your friends and family have no control over. Plus, the distribution of everything will be delayed as your loved ones will have to wait for their time with the courts.
If you have children and die without a will, your children will receive their inheritance when they reach the age of majority: 19 in BC. In most cases, this is way too young to receive a major inheritance.
Get started today
Making a will might seem like something you could put off for a few decades, but with the uncertainty of the pandemic, you may find yourself ready to get your affairs in order. Contact the real estate lawyer at Morris Law today to get started.