Do I Really Need a Will in BC?

Question

Do I Really Need a Will in BC?

Answered by Cassady Law LLP

Answer

There are many reasons that you should have a will. They all have to do with risk that your wishes may not be followed when you die.

Without a will, the distribution of your estate (your things) is determined by the Wills, Estates and Succession Act and not by you or your wishes. Under the Act, certain family members will automatically receive certain portions of your estate. These people may not be the person(s) you wish to receive your estate, and no assets will be given to charities, friends or other relatives.

In addition, all of your things may be sold for cash which will then be divided. There is no ability for you to choose that certain family heirlooms, for example, are given to specific people.

If you have minor children and their other parent does not have parental rights, their guardians after you die will be left to be chosen by government authorities and your wishes will not be considered unless you have a will. Any funds that they receive under the Act will be paid to the Public Guardian and Trustee who will then have the right to deduct the cost of administering the funds for the benefit of the children.

The person who administers your estate (pays debts and distributes your things) depends on the Act. You do not get to choose them unless you have a will. While preference goes to immediate family, anyone can choose to apply to be administrator.

If no one chooses to apply, however, the Public Guardian and Trustee will be the administrator which may also increase costs and cause delay in your family receiving their inheritance. When you die without a will, your things are owned by the Province of BC until the Court appoints someone to act as administrator.

Finally (and perhaps most importantly), when you die without a will, you lose the opportunity to take advantage of tax and estate planning tools which could ensure that as much as possible ends up in your preferred beneficiaries’ hands.

For more information check the Cassady Law LLP website using this specific link

Disclaimer: This section provides general legal information only and is not legal advice. Reading this does not create a lawyer-client relationship. Outcomes and laws depend on the facts and your location. If you need legal advice for your specific situation, contact a lawyer licensed in your jurisdiction. Please do not submit confidential or time-sensitive information.