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Is it worth transferring property before death to avoid probate?

Those who are planning the future of their estate often have have concerns about fees when it comes time to transfer their wealth to next of kin. These concerns are amplified for those who own a significant amount of property, as probate fees increase for higher-valued estates. Many homeowners or wealthy individuals in British Columbia have questions about how they might take actions prior to passing away to avoid expenses where possible.

When is it time for the power of attorney to take over?

When someone is no longer able to care for their own financial well-being, a designated individual takes over. The financial power of attorney is an important tool to help British Columbia seniors and their families ensure finances are taken care of even if capacity diminishes. But, deciding when it is appropriate to turn control of finances wholly or partially over to the power of attorney can be a difficult balance, especially for those who value their independence. Experts recommend looking for certain signs to determine if the time is right to enact a power of attorney.

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