What is a Will?
- 1. WHAT IS A WILL? Patrola Law Corporation
- 2. BC Estate Planning The content of this presentation is derived from Patrola Lawโs โWhat is a Willโ video. You can follow along by watching the following video.
- 3. What is a Will? A will is a legal document that lets you set out your wishes regarding the distribution of your property and the care of any minor children. It gives you sole discretion as to how your property will be distributed and who it will go to.
- 4. Property and Assets you can Include in a Will Examples of property and assets that can be included in a will: โ Real estate, land, buildings โ Cash, including savings and checking bank accounts โ Intangible personal property - stocks, bonds, intellectual property and other forms of business ownership โ Personal assets such as cars, jewelry, artwork, etc.
- 5. Importance of having a Will There are several important factors to consider with a legal will: 1. Designating an executor 1. Appointing a guardian 1. Power to create conditions on distribution of assets 1. Death without a legal will = intestate
- 6. 1 Designating an executor The executor will ensure the distribution of everything in your will. You can choose someone you trust to manage the distribution of your assets. If you don't have a will you might not be able to have that freedom.
- 7. 2 Appointing a guardian A will allows for the appointment of legal guardianship to minor children in the event that the parents are unable to care for them. If you do not appoint a guardian, the courts will decide who will take responsibility to look after them.
- 8. 3 Power to create conditions on distribution of assets Besides giving particular gifts to specific people, it lets you set out instructions for how and when the beneficiaries will receive the assets. For minor children you can create trusts to ensure that their needs are taken care of. If you have an adult or a minor child with a disability, you can set up a trust in your will that will ensure that their needs are also taken care of
- 9. 4 Death without a legal will = intestate A person who dies without a legally valid will is deemed to have died intestate. Everything that you own will be distributed using a pre-determined formula set out in the Wills Estates Succession Act called WESA. The formula set up in WESA won't consider whether or not a child is disabled. It won't consider any sort of special needs. It won't consider your wishes. It won't let you set out an executor of your choosing. It creates a lot of difficulties and it may result in a lot of excessive costs, extra time, delays, and a lot of frustration. So it's very important to set out a will to properly protect you and your loved ones.
- 10. Patrola Law Corporation 12827 76 Ave Surrey, BC V3W 2V3 (778) 565-4700 patrolalaw.com Presented by: