Those who are planning for the succession of their wealth often focus on real estate, bank accounts, beloved items and dependants in their estate plans. However, an increasing number of less tangible assets are making their way into British Columbia wills. Digital assets, a term for access to accounts and technology that may carry financial or emotional value, is a growing topic of discussion in estate planning circles.
Having a comprehensive estate plan is a wise move for every individual, especially when children are involved. British Columbia residents, however, who have adult children living stateside should have another look at their wills to ensure all legal aspects are met and that there won't be issues when the time comes for those wills to come into play, especially when that adult child is not only a beneficiary, but also an executor. Getting over some of the hurdles may be time-consuming and expensive.
Talking about an inheritance may not be the easiest discussion parents will ever have with their adult children. Speaking to children about wills and other estate planning documents may not be pleasant, but it is necessary. British Columbia residents who want to keep peace in their families when they're gone should really discuss who will be getting what when the time comes and give their children the chance to weigh in with their thoughts and feelings.
Life moves quickly. Everyone is caught up in living his or her own life and often very little attention is paid to the future and to the unforeseen events that might happen. British Columbia residents need to take some time out of their busy schedules to consider fashioning their wills as well as other estate planning documents. It's necessary to be prepared.
It may be very appealing for one to think about writing one's own will. But there are many reasons it might not be the best idea. When it comes to writing wills in British Columbia, there are laws to which a testator must adhere and not being aware of what those are could render a will null and void, which is something no individual wants to have happen.
There may be nothing more disturbing or emotionally upsetting to someone than being left out of a loved one's will, other than the loved one's passing. For British Columbia residents who believe they've somehow been slighted in regard to wills, there is some recourse, but time is of the essence. In many cases, anyone who contests a will must show that there was either something wrong with the testator's mental capacity or that the testator was coerced when writing the will or that the will is altogether fraudulent.
Estate planning may often be driven less by what an individual has and more in regard for loved ones left behind. Some British Columbia residents may be under the assumption that because they don't have many assets they don't need to have wills. Professionals in estate planning say this isn't the case.
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.
Even when people pay particular attention when writing estate planning documents, errors may occur. Wills have to be meticulously written and contain no errors, or their validity in British Columbia may come into question. When an executor is confronted with errors in a will, there are a few remedies for him or her.
Most people go to great lengths to choose an executor they believe they can trust. When British Columbia residents draft their wills choosing an executor who is honest, reliable, astute and has some knowledge of finances is likely a top priority. But even when a testator chooses someone he or she believes can do the job appropriately, it may be that not every beneficiary might agree with the decision for whatever reasons.