Estate planning is an incredibly important process that every person should undertake at least once in their lifetime. An estate plan is a collection of legal documents that protect your wishes regarding your assets, health, and family should you lose capacity or pass away. While wills play a major part in estate planning, many other documents are also involved that are just as significant.
At Watson Goepel, our Vancouver and West Vancouver estate planning lawyers have decades of combined experience helping clients draft estate plans tailored to their unique needs. From creating valid wills and trusts to drafting probate applications and advising executors, we assist with wills, estate planning, trusts, incapacity issues, and estate matters across the spectrum. We recognize that this process is necessary for all individuals, regardless of the size of their estate. That’s why we aim to protect your loved ones, preserve your assets, and minimize any legal complexities when you work with us.
To schedule a consultation to discuss your estate planning or probate needs, contact our legal team today. With offices conveniently located in Vancouver and West Vancouver, we’re prepared to help clients throughout British Columbia.
The Importance of Estate Planning in Vancouver
Estate planning in British Columbia is essential for a wide range of reasons. Critically, if you pass without a valid estate plan, your assets will be distributed according to BC’s intestacy laws, not your wishes. To retain control over your estate and decide how it will be administered if you are incapacitated or divided when you’re gone, you’ll need to create a valid will. You may also implement other valuable estate planning tools, such as Powers of Attorney, Health Representation Agreements, and Committeeship Grants.
Some key reasons why estate planning is essential include:
- Directing the Distribution of Your Assets: When you create an estate plan, you will have the opportunity to designate beneficiaries of your estate. This means that you can specify who inherits what after you’re gone. You can direct the distribution of many kinds of assets, from real estate to personal heirlooms. By creating a detailed will that outlines your intentions for all your assets, you can also help prevent contentious disputes and ensure your wishes are followed.
- Protecting Family & Loved Ones: Should you have any children or special needs dependents when you pass, a will allows you to name a guardian for them. This way, you can choose who will look after the important people in your life if you are unable to do so. Without specifying guardianship in an estate plan, courts in BC may decide it for you.
- Reducing Taxes & Preserving Wealth: A legal professional can help you strategically plan your estate so as to minimize taxes and other costs, such as BC provincial probate fees. They can also advise you about trusts and other tools you can use to protect your assets and maximize the inheritance you leave for beneficiaries.
- Planning for Incapacity: An estate plan allows you to appoint a Power of Attorney or Powers of Attorney that will handle your finances or legal matters if you become incapacitated in some way. You are also able to specify who you would like to make decisions on your behalf when it comes to medical decisions and treatment preferences through a Health Representation Agreement.
Without a comprehensive estate plan, your surviving family members and loved ones may be left facing greater stress, costs, or possible legal battles. In addition, the distribution of your assets could be delayed after you pass. At Watson Goepel, our Vancouver estate planning lawyers provide legal advice that will help you plan your estate effectively.
Why Work With Our Watson Goepel Estate Planning Lawyers?
Working with a lawyer for estate planning and probate matters is crucial. For over 40 years, our team at Watson Goepel has strived to ensure our clients’ documents comply with BC laws while protecting their wishes at the same time.
When you work with our lawyers, you gain the benefit of:
- A Knowledgeable Wills & Estates Team: The legal team you’ll work with at Watson Goepel is exclusively dedicated to wills, estates, and trusts, including estate planning. We’ll use our in-depth knowledge of BC estate law to help you or your surviving family members overcome legally complex estate planning, administration, or litigation.
- Customized, Comprehensive Estate Plans: At our firm, we recognize that there is no one-size-fits-all solution when it comes to wills, estates, and trusts. We’ll work closely with you and your loved ones to build a tailored plan that reflects your unique family dynamics, financial goals, and future wishes.
- Support for Complex Estates: Our lawyers are prepared to handle estate planning needs for all clients, regardless of the size of their estate or family structure. If your estate involves multiple properties, business interests, blended families, or charitable donations, we have the experience to navigate complex situations with care.
- Our Collaborative Approach: Our Watson Goepel estate lawyers can collaborate with your financial planner, accountant, or tax advisor to create a comprehensive, tax-efficient estate plan.
At our firm, we understand that estate planning can feel overwhelming. That’s why we take a compassionate approach to the process. We aim to give you peace of mind by providing proactive updates, ongoing support, and guidance on any key life planning decisions you need help with.
Our Estate Planning Services
A Grant of Probate or Letters of Administration are often required to distribute major assets such as land, cars, and investments after you pass away. After a death, executors and estate administrators must navigate complicated court rules when managing and distributing the estate of the deceased. We have decades of experience guiding clients through the procedures required to manage and distribute an estate.
Some of our services for clients include:
- Preparing wills and family law agreements
- Advising on the validity of wills
- Drafting and filing probate or administration documents with the court
- Communicating with banks, government agencies, and other organizations to deal with the deceased’s assets
- Support for executors and administrators
- Passing the executor or administrator’s accounts before the court
- Developing strategies to minimize taxes and/or probate fees
- Inter-generational family wealth planning
- Assisting with estate freezes and implementing trusts
- Advising on the use of enduring power of attorney instruments
- Advising clients about marriage agreements as they pertain to estate plans
- Arranging the transfer of assets through living or inter-vivos arrangements
- Creating tailored estate plans that incorporate your business interests
- Estate litigation
- Estate administration
- Committeeship Applications
- Representation Agreements
- Addressing intestacy when a loved one dies without a will
- Helping individuals with challenges to estate plans (due to undue influence or other reasons)
- And more
Engaging our experienced Watson Goepel estate planning lawyers can help you manage the probate process, ensure all legal requirements are met, and safeguard the interests of your beneficiaries. With the guidance of our knowledgeable legal professionals, the planning process, or the transition following a loved one’s passing, can be smoother and less stressful for all parties involved. To discuss how we can help, schedule a consultation with our team now.
Frequently Asked Questions: Estate Planning
What is probate?
Probate is the legal process of validating a deceased person’s will through the courts in BC. Once probate has been completed, the designated executor will have the authority to distribute estate assets as outlined in the will left behind.
Although not all estates require probate for distribution to begin, it is usually necessary if an estate includes significant assets, such as bank accounts, real estate, or financial investments. In British Columbia, probate fees are normally required and may be based on the total value of the estate to be distributed.
What are the legal requirements for a will?
In BC, there are several criteria that must be met in order for a will to be valid. These are outlined according to the Wills, Estates and Succession Act (WESA). Generally, wills need to meet the following conditions:
- The will must be in writing (either typed or handwritten)
- The will must be signed by the will-maker at the end of the document
- The will-maker’s signature must be witnessed by two individuals who are also present at the time of signing
- Witnesses also need to sign the will while the will-maker is present
In addition, the person who creates the will must be at least 16 years old and mentally capable at the time of creation. It is important that you work with a Vancouver estate planning lawyer when creating or updating your will to ensure all legal criteria are met and your will is valid.
What is an executor?
An executor is a person whom you appoint in your will to manage your estate after you pass. They are responsible for distributing your assets according to the wishes outlined in your estate plan. For example, they may need to:
- Locate and value your assets
- Pay off remaining debts or taxes
- Distribute assets to beneficiaries
- Apply for probate, if necessary
- File tax returns on your behalf and on behalf of your estate
- And more
When selecting an executor, you should choose someone you trust to be able to handle the legal and financial aspects of the estate administration process. An estate lawyer can help an executor fulfill their duties in accordance with both the terms of your will and Provincial and Federal legal requirements.
Need Assistance With Estate Planning or Probate? Contact Our Vancouver Estate Planning Lawyers Today
Thoughtful estate planning can provide peace of mind for both you and your loved ones. Being proactive about the planning process will help you preserve your legacy and help your family avoid unnecessary conflict in the future.
To consult an experienced estate planning lawyer to begin or update your estate plan, contact our legal team at Watson Goepel today. We can help clients in Vancouver, West Vancouver, and across British Columbia.
