ESTATE PLANNING: Testamentary Wills
A Will provides peace of mind and security for your beneficiaries.
A Will takes effect only when you die.
Your Will directs your Executor as to how to devise and gift your estate to your heirs.
ABOUT TESTAMENTARY WILLS
Having a Will is very important and you can only make a Will when you have mental capacity.
First and foremost, your Will appoints Executor(s) to manage the affairs of your estate immediately after you pass on and they should know where your Will is kept.
A properly executed Will can create certainty of our intentions for the distribution of assets and personal effects, the guardianship of minor children and pets, the responsibility for carrying out our wishes (an Executor), and other vital details such as funeral arrangements.
If a person dies without a Will, they are said to be “intestate” and the WILLS, ESTATES and SUCCESSION ACT (“WESA”) will govern how assets will be distributed. The B.C. Public Guardian & Trustee will be appointed to act as “executor” and will take approximately 12-18 months to distribute the assets under an intestacy.
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THREE STEPS TO MAKING A WILL
1) Consider who you will task with the responsibilities of handling your Will (Executor) and obtain their acceptance. Your first notion may be to appoint family members, but you should also consider who in your circle is well-organized and able to deal with the challenges of your estate. Personal representatives such as trustees, executors and guardians may renounce their appointment if they become unwilling or unable to accept it, so having an alternate executor/trustee/guardian is important.
2) Devise a list of the assets that you wish to gift to your heirs and the manner in which they receive theem.
3) Assign the remaining work to your Notary. Notaries in Sooke will draft your Will according to your instructions.
Notaries in Sooke understands the sensitivities and complexities of these planning decisions, and will ensure that your intentions are properly documented – so you can rest assured about the future.
Notaries in Sooke always registers the location of your Will at the B.C. Vital Statistics Agency.