In the busy-ness of life, most people don't really think about their lives coming to an end, especially younger people. But when it comes to estate planning and wills, British Columbia residents really should pause and consider what it would mean to their loved ones if they died without leaving appropriate documents, especially if they have younger children. Creating a will and keeping it current really isn't all that daunting, especially when legal help is available.
When writing a will, a power of attorney should always be included. This allows someone to act on behalf of the testator when he or she can no longer do so. One speaks to financial aspects of a person's life, and the other deals with personal issues like health care, while a will properly addresses what happens to the testator's estate upon death. There are essential components of a will that need to be addressed, such as who will care for any minor children in the event of the testator's death (usually a spouse if there is one) and who will be the executor of the estate.
A will can be as distinct as the person writing it and can also become complicated if a person was married more than once. A will can address any specific issues a testator has, such as any issues pertaining to a business. Furthermore, a testator can indicate just how he or she wants his or her assets disseminated and to whom by including the names of all beneficiaries.
Wills are living documents and should be updated as life changes. A British Columbia lawyer experienced in estate planning can work with clients to help them draw up wills that are in sync with their lifestyles. A lawyer can explain to a client what should and should not be included in an estate plan and help in fashioning a document that not only adheres to the law, but that is all-encompassing.