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Are wills a good way to transfer assets in secret?

Many people come and go during a lifetime, but some special ones will remain. When thinking about estate planning, it may be that a person wants to leave a gift for a special someone in his or her life but feels it's best to make the bequest a secret. Can wills be used to transfer assets in secrecy, or is there a better way to give a clandestine gift in British Columbia?

Professional tips for wills and estate planning in BC

Going through life without doing any estate planning is like going on vacation without making reservations. Odds are, upon reaching the final destination without any plans, there will be chaos and frustration trying to sort things out. Wills are the primary tools for dispersing estates in British Columbia, and making an effective will requires careful consideration. For those entering the planning stages, here are some expert tips to remember.

Conditions under which wills may be contested

As death is inevitable, it only makes sense to plan ahead for when it happens. Wills are the cornerstone of estate planning, and are the most common method used in British Columbia for distributing an estate. In an ideal world, the will passes through probate and administration without a hitch, and everyone tries as best as may be to get through a difficult time. Unfortunately, matters do not always transpire so easily.

It's important for people to talk about their wills with the kids

End-of-life discussions can be uncomfortable, and many people would rather avoid them. They can be very important, however, and the opportunity to have them is finite. A great many people in British Columbia and across Canada have not talked to their kids about their wills, a study finds, but doing so could smooth the estate administration process when the time comes.

Many Canadians are not writing wills or planning for end of life

The end of a person's life is not something most people look forward to, but it is something for which it is worth planning. Making decisions in advance, and then keeping them up-to-date, can relieve the potential burden on loved ones in the future. Wills, powers of attorney and advance directives are important documents that all citizens of British Columbia should have.

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