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August 2020 Archives

How to "stress test" a will throughout one's life

Some people may consider estate planning a "set it and forget it" exercise. However, without regular review, British Columbia estate planners may find that their wills become outdated, or they may miss key elements altogether. Regular stress tests, ideally done as a family with the support of a legal professional, can prevent mistakes or gaps in planning.

Are wills necessary if all assets have joint ownership?

There are many reasons people might put off estate planning. One common reason is that they believe that it is unnecessary since all assets are co-owned by a spouse or, less commonly, children. The thought process here is that if one dies, the other will simply inherit the assets. While this might seem straightforward, forgoing wills for joint ownership can have negative consequences for some British Columbia families.

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