Will Review and Assistance
Gordon Dykstra offers low-cost consultation to review your will documents. For example, if you opted to get a do-it-yourself will or used a template will service in British Columbia, you can have Abbotsford lawyer Gordon Dykstra review the materials at any step of the process.
Other will review options:
What is a Living Will?
Your Will is a document which clarifies precisely what you want done with your belongings after your death. Types of property a Will can deal with include; money, real estate, investments, or any personal or household items which belong to you. You may create your Will at any time you like and it shall hold no legal power until the moment of your death.
What a Will Does Not Cover?
Your Will cannot govern the treatment of any property which you own jointly with another person. Marital property, a co-owned business or anything with a deed or bill of sale which names you and anyone else becomes the sole property of that other person on your death- a Will cannot control how it should be handled. Neither does a Will apply to life insurance, RRIFs, RRSPs, or TFSAs for which you have designated a beneficiary.
When you write your Will, if properly advised, you will designate an Executor. This person has the following rights and duties;
- to safeguard your estate
- to gather and collect your assets
- the payment of your debts
- dividing the remains of your estate among those named in your will
- Be sure to review your Will thoroughly after any change in marital status
If you were married before WESA went into effect- anytime before March 31, 2014- your Will from before the marriage has been revoked automatically. The only exception is if your Will states that it was made in contemplation regarding your marriage. If your Will was made after that date, it will not revoke your Will. This change in the law makes it all the more important that you make a Will to ensure your survivors are provided for as you wish them to be.
What if I don’t make a Will?
If there is no Will at the time of your death, your estate will be distributed to your most immediate next of kin in accordance with the rules established in the newest version of the Wills, Estates and Succession Act.
Your estate may face “probate” filing fees
Probate is the process through which your executor is required to apply to the British Columbia Supreme Court in order to confirm that your Will is valid and legal. The Court must prove that your Will is in fact, valid. Filing fees for probate are to be paid to your Court Registry office.
Be sure to complete your Will properly
It is best to have your will prepared professionally. Your Will is a legally binding document. It requires a firm understanding of the legal issues at hand in order to craft an effective Will which accomplishes what you wish it to. The rules and formalities that alloy to the making of a Will must be followed however simple or trivial they may seem to you. If these rules are not followed, the Will can be rendered invalid. Your words must be chosen carefully and clearly so as to be unambiguous. Should any of the formalities be ignored, or if any of your terms are not sufficiently clear, extra legal costs may be incurred at the expense of your estate.