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Tips for those who resolved to get their wills in order this year

Getting finances in order is a common New Year's resolution. For British Columbia individuals and families who have resolved to consider their affairs and plan for the future in 2020, wills and estate plans are an important consideration. While it can be hard to discuss death, incapacity or the potential that tragedy may strike the family, taking things step by step can help ease the challenges of this important task.

Consider digital assets when preparing wills

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.

Wills: When an adult child and executor lives abroad

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.

Wills: Keeping the peace in British Columbia families

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.

Wills are important for having last wishes carried out

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.

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