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July 2014 Archives

The legal implications of choosing wills or trust funds

British Columbia residents wondering whether to create a trust fund to provide for their children may consider the decision made by the late well-known actor Philip Seymour Hoffman not to do so for his own. Hoffman died in February and left his money to his girlfriend instead of his three children. The reason for this, according to a will that he wrote in 2004, was that he did not like the idea of setting up a trust fund for them. Before his death, Hoffman told his lawyer that his girlfriend, who is the children's mother, would take care of them.

Wills and Wal-Mart: Thoughts on doing it yourself

British Columbia residents may be surprised to learn that, according to a 2012 survey, more than 50 percent of Canadians have not completed a will, in part because they either don't think they can afford it or they don't know where to start. They could be right about the price: After all, a basic will can run anywhere from $369 to $1,000 or even more for those that are complex.

New study reveals average inheritance

According to a recent survey, the average Canadian who receives an inheritance gets just under $100,000. The average inheritance was $96,000 across the country; however, there were regional variations. In Atlantic Canada, the average inheritance was $32,000, while it was in excess of $120,000 in British Columbia.

The importance of periodically updating one's estate plan

British Columbia residents who have drawn up an estate plan may be surprised to learn that they may have to revisit their plan periodically to make important updates. Due to changes in a person's life and the law, these updates can potentially have a large effect on how their property is distributed.

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