Putting affairs in order can be a daunting task. British Columbia residents giving pause to wills and estates issues may find estate planning less confusing knowing what a comprehensive plan might look like. Many people think about estate plans later in life, but that’s not necessarily the most prudent move especially when children are involved, so planning is not only for those entering their golden years.
Essentially, there are some important elements when thinking about what a well-rounded estate plan should include. The first is the actual meat and bones of the plan — what the structure entails which are the documents that should be included such as a will, personal care directive and an enduring power of attorney. Other documents could include a life insurance plan and trusts.
Consideration should also be given to preserving wealth for beneficiaries. No one would like to think his or her heirs might be losing assets due to taxes and creditors, which brings up another point: the distribution of those assets. Who will get what once the testator dies? An estate plan can spell this out in black and white which leaves less room for confusion and hostility among family members.
The wishes of a testator in British Columbia are also of prime importance. A lawyer can offer advice on how those wishes might be carried out by an executor. Communicating wishes regarding wills and estates is necessary and a lawyer may be able to ensure all the documents are in place in an estate plan to help those wishes become realized.