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How an estate is handled when there is no will

It may be difficult for some readers to think about and plan for end-of-life issues, and it can be tempting to put off estate planning and will preparation. The Wills, Estates and Succession Act recently passed in British Columbia outlines how a person's estate will be handled in probate in the event that there is no will.

The ins and outs of wills

Residents of British Columbia may create wills in order to distribute their assets to the correct beneficiaries upon death. A will can be changed after its creation until its testator's death. However, wills also have certain limitations of which individuals should be aware when creating them.

Trust funds can still be a good idea for some families

Although many celebrities have been making a big deal about why they are choosing not to leave a trust fund to their kids, some British Columbians may want to consider it. Even if a person does not have a multi-million dollar fortune, setting up a modest trust fund could help to protect the inheritor from having their lives potentially ruined by future financial burdens that may pop up in adulthood.

A discussion on enduring powers of attorney

Some residents of British Columbia who might be creating an estate plan may be interested to learn about the enduring powers of attorney. These allow a person to appoint another party to act on his or her behalf while completing certain functions, and this appointment differs from a regular power of attorney because the authority to act continues even if the granter is incapacitated.

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