Garton & Harris

January 2017 Archives

Preserving legacies through trusts instead of wills

It may be that a man or woman has the good fortune to acquire an asset of such value, financially, historically, or sentimentally, that he or she wishes to be certain it stays within his or her family. Ensuring the continuity of a treasured asset can be an important part of estate planning. For most people in British Columbia, wills are the preferred way to bequeath an asset. However, a trust may, in fact, be a better choice for passing along and protecting an asset.

Paying taxes is an important part of estate administration

Acting as executor of an estate can be an emotional roller coaster. While seeing beneficiaries receive their gifts may bring some comfort or even joy, there are other aspects that provide neither. For example, no one enjoys paying taxes at any time, but even after an individual has passed away, the government is still owed its share. This is an important, if less pleasant part of estate administration.

Speaking to parents about power of attorney and money issues

One of the great benefits of modern health care is people are living longer lives, which means British Columbia parents and their children can enjoy more time together. For some, however, an extended life goes hand in hand with diminished mental capacity. Even those who do not end up enduring full-blown dementia may find they lack the acuity they once had. For that reason, it is important for children to pay attention to their aging parents and watch for signs they may be losing the ability to manage their own affairs. If they are, it may be time to discuss making arrangements such as granting a power of attorney before matters get worse.

Legal guidance can make drafting wills uncomplicated

Up-to-date estate plans can provide a significant level of peace of mind regardless of your age and the value of your assets. In fact, as soon as individuals start earning incomes, drafting wills are sensible things to do. Some British Columbia people only start considering their own mortality once they marry and start families.

Sharing estates through trusts as well as wills

It is the desire of most people to pass along their personal wealth, whatever it may amount to, to their heirs after they are deceased. In British Columbia, as in most places, wills are the most common method for doing so. However, more and more men and women are taking a closer look at trusts as a way to share the fruits of their labours with their families before they die.

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