Wills, Estate Plans, and Inheritance – How Your Estate Lawyer in Kamloops Can Help
No one wants to think about old age, death, and simply not being in this world anymore. However, there comes a time when we all realize it is time to take our future more seriously. This is especially true when it comes to the future of our loved ones and our estate after death.
When you start the estate planning process, you address three critical areas: drafting a will, making an estate plan, and handling inheritances for beneficiaries. Each of these areas is highly complicated; therefore, you should avoid using a DIY website. Instead, contact an experienced lawyer in Kamloops at Chahal Priddle, LLP.
The Basics of Estate Planning and How an Attorney Can Help
Estate planning can be a daunting task. You need to think of your assets, family members, and anticipate their needs, so you can provide for them after you are gone.
Here are the three primary areas where your attorney can help:
- Creating a Will: A will is your most primary document in an estate plan. It is what designates beneficiaries and determines how your assets are split up among loved ones. Any adult that owns assets or has a spouse or children, should have a will. A common misconception is that you must be wealthy to have a will, but if you have a job, a bank account, or dependents, you need one too.
- Making an Estate Plan: A will is part of the estate plan, but it is not the entire estate plan. More goes into estate planning than your will, including healthcare directives, powers of attorney, and protecting assets from creditors. For larger estates, establishing a trust might be beneficial. A trust allows your estate to forgo the process of probate, which means beneficiaries could receive their inheritances faster.
- Handling Inheritance: When you create a will, you name your executor. The executor may be a family member or outside third-party. Regardless, an attorney can still help with this process. Your attorney has a copy of the will and other estate planning documents you created. They will help with the administration, filing paperwork for probate court, and they can assist in the event beneficiaries contest the will itself.
What Happens if You Do Not Make an Estate Plan?
Dying without a will means that you have died intestate. Under the Wills, Estates, and Succession Act, your estate is divided up among your primary dependents (i.e., spouse and surviving children). Typically, your spouse would receive the most significant portion of your assets, but the law is more complicated than that.
Furthermore, intestate means you have no control over where your assets go. They could go to an estranged spouse rather than another family member you would have preferred to receive your assets.
Meeting with Your Estate Lawyer in Kamloops is the First Step
The only way to determine what your estate plan needs is to meet with an attorney who can evaluate your estate, finances, and any long-term plans you have for your family.
The team at Chahal Priddle, LLP understands the complex legal issues with making an estate plan in British Columbia. We ensure our clients’ estate plans are in accordance with the latest laws, but also keep their family’s best interests at the forefront of our operation.