Life is unpredictable, but one thing is certain: planning for the future is one of the most thoughtful and responsible things you can do for your loved ones. A will is the cornerstone of estate planning, ensuring that your wishes are carried out and your family is protected after you’re gone.
At Dhanu Dhaliwal Law Group, we specialize in guiding individuals and families across British Columbia through the process of creating legally sound and personalized wills. Let’s explore what a will is, why you need one, and how it can bring you peace of mind.
What is a Will?
A will is a legal document that outlines your wishes regarding the distribution of your assets, property, and possessions after your death. It also allows you to:
- Name an executor to manage your estate.
- Appoint a guardian for minor children or dependents.
- Include instructions for personal matters, such as funeral arrangements.
A will is more than just a piece of paper—it’s your voice when you can no longer speak for yourself.
Why Do You Need a Will?
1. Prevent Intestacy (Dying Without a Will)
If you die without a will, British Columbia’s intestacy laws will decide how your assets are distributed. This means:
- The government determines who inherits your estate: Friends, charities, or distant relatives may not receive anything unless specified in a will.
- It may lead to family disputes: Without clear instructions, disagreements can arise over asset distribution.
- Delays and higher legal costs: Intestacy complicates the probate process, adding stress for your loved ones.
Having a will ensures your estate is distributed according to your wishes, not government rules.
2. Protect Your Loved Ones
A will allows you to provide for your family in specific ways, such as:
- Designating guardians for minor children: Without a will, the court will decide who cares for your children.
- Dividing sentimental items: Specify who receives items like family heirlooms or keepsakes to avoid misunderstandings.
3. Simplify the Legal Process
A clear, valid will minimizes delays and administrative burdens for your family. It provides guidance to your executor, reducing the likelihood of disputes or confusion.
4. Support Your Values
Want to leave a legacy? A will allows you to:
- Donate to causes or charities you care about.
- Support specific individuals or groups, reflecting your personal values.
What Should Be Included in a Will?
A comprehensive will should address:
- Beneficiaries: Who will inherit your assets, including property, bank accounts, and personal possessions.
- Executor: The person responsible for managing your estate.
- Guardians: For minor children or dependents.
- Assets and Liabilities: A detailed list of your property, investments, debts, and liabilities.
- Specific Gifts: Any items or amounts you want to leave to particular individuals or organizations.
Types of Wills in British Columbia
1. Attested (Witnessed) Wills
The most common type of will in BC, this formal document requires the testator (you) to sign in the presence of two witnesses who are not beneficiaries.
2. Holograph Wills
Entirely handwritten and signed by the testator, these wills are valid in some provinces but less common in BC due to their informal nature.
3. Living Wills
While not a traditional will, a living will provides instructions for your medical care if you cannot make decisions for yourself. It complements estate planning but doesn’t replace a standard will.
When Should You Create or Update Your Will?
You should create a will as soon as you have significant assets or dependents. It’s also important to update your will when:
- You get married, divorced, or enter a common-law relationship.
- You have children or grandchildren.
- You acquire new assets, such as property or investments.
- A named beneficiary or executor passes away.
- Your wishes or family circumstances change.
Regular reviews of your will ensure it remains accurate and reflective of your current life.
What Happens If You Don’t Have a Will?
Dying without a will (intestate) means:
- Your estate will be distributed according to BC’s Wills, Estates, and Succession Act (WESA).
- Close family members, such as spouses and children, will inherit first, but this might not align with your wishes.
- Friends, distant relatives, or charities cannot inherit unless specified in a will.
- The court may appoint an administrator to handle your estate, leading to delays and higher legal costs.
What is Probate, and Why Does it Matter?
Probate is the court process that validates your will and gives your executor the authority to manage your estate. While not all wills require probate, financial institutions and land registries often require proof of an executor’s authority to access accounts or transfer property.
A well-prepared will can simplify the probate process and reduce delays, ensuring your loved ones can settle your estate efficiently.
Where Should You Store Your Will?
The original copy of your will is essential for settling your estate. Store it securely in a:
- Safety deposit box.
- Fireproof box or home safe.
- Lawyer’s office.
Inform your executor or a trusted family member where the original will is stored.
Why Choose Dhanu Dhaliwal Law Group?
Creating a will can feel overwhelming, but it doesn’t have to be. At Dhanu Dhaliwal Law Group, we:
- Offer personalized legal advice tailored to your unique circumstances.
- Ensure your will is comprehensive, legally valid, and less likely to be contested.
- Provide guidance on complex estates, including business assets and international property.
Protect your loved ones and your legacy with a professionally drafted will.