Every family’s dynamics or business’ goals are different. For this reason, creating a Will, Power of Lawyer, or Representation Agreement is more than drawing up a number of documents. You may be required to navigate through complex situations, factor in the economic interests, and be effective in the face of obstacles the future may hold! At Dick Byl Law Corporation, our wills and estate Lawyers in Prince George work with you to ensure effective estate planning that protects you and your beneficiaries. Planning your estate with our experienced lawyers also ensures that you get the maximum tax and financial benefits today and tomorrow!
An estate plan tailored to your particular goals allows for the greatest possible control over the distribution of your estates while minimizing taxes, probate fees, and other costs payable. At Dick Byl Law Corporation in Prince George, wills and estate lawyers will walk you through the process of creating an estate plan to ensure that your family and loved ones are taken care of.
Passing away without a Will, failing to have a valid Will, or failing to account for all of your assets within your Will results in the assets held in your estate being distributed according to the intestate succession rules found in Part 3 of BC’s Wills, Estates and Succession Act. Under these rules, only your immediate family members will inherit, and this may lead to unintended recipients receiving the assets held in your estate. A Will allows you to distribute the assets held within your estate according to your wishes while creating more certainty for beneficiaries and reducing the likelihood of time-consuming delays for everyone involved. If you have minor children, it is especially important that you have a Will created so that you can appoint a guardian for your children, rather than leaving it to the courts to decide. Be mindful that there are certain restrictions as to how you may distribute your estate, and a Wills Variation Claim may be made by a spouse or children if special considerations are not made for them.
A Power of Attorney is a legal document whereby you, (the “Adult”), give a trusted person (the “Attorney”), the authority to manage your legal affairs, to make financial decisions, or to ensure that your well-being is taken care of.
This document can be as general or specific as you need and is important to have when the Adult is no longer able to manage independently, even just temporarily, or when they are outside of B.C. It is important that you choose an attorney that you can trust, as an Enduring Power of Attorney has the potential to lead to the mismanagement of your money and property.
A Representation Agreement is a legal document whereby you, (the “Adult”) appoint a trusted person (the “Representative”), to help you make, or to independently make personal and health care decisions on your behalf in the event of illness, injury, or disability. Representation agreements are designed to be used by all adults and allow you to arrange in advance how, when, and by whom the decisions about your health care or personal care are to be made.
Understand how advanced estate planning can save you tax money!