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Despite writing wills, trusts and prenups, heirs may still fight

Complicated family dynamics can sometimes undo even seemingly thorough estate planning. Those who leave wills, trusts and more for the distribution of their estates, likely go to their final rests believing the way is clear for their heirs to benefit from their hard work. Sadly, this is not always the case. A celebrity case taking place south of British Columbia tells a cautionary tale for anyone planning the transfer of his or her estate.

A power of attorney makes sense for Canadians and their parents

Planning for the future means being proactive instead of reactive. For many people, this is difficult to do. Barring an unfortunate incident, however, the fact is everyone grows old and preparing for that inevitability makes good sense. Writing a will and setting up a power of attorney are excellent examples. Unfortunately, many people in British Columbia are not ready for what's to come, even though they know they should be.

Wills not updated may have unintended consequences

In this age of modern conveniences, the concept of "set it and forget it" is familiar to most. People expect to be able to prepare something once, and then let it be. While this may work with PVRs, the same cannot be said for wills. Making a will is a very good idea for any man or woman in British Columbia, but as life changes, so too should a person's will. Failing to do so could lead to unexpected results.

Are wills a good way to transfer assets in secret?

Many people come and go during a lifetime, but some special ones will remain. When thinking about estate planning, it may be that a person wants to leave a gift for a special someone in his or her life but feels it's best to make the bequest a secret. Can wills be used to transfer assets in secrecy, or is there a better way to give a clandestine gift in British Columbia?

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