Porter Ramsay Blog

Why estate planning conversations with family are important

On Behalf of Porter Ramsay LLP | Nov, 01, 2021 | Wills And Estates

End-of-life planning is an important legal and financial planning process. However, that does not mean it is easy. The topic of wills, estates, and other end-of-life issues can be very overwhelming and emotional, and some may be tempted to put off important conversations until it is too late. Here are some of the reasons why having end-of-life conversations is important for your family: Clarifying priorities and intentions: No one wants to be surprised or uncertain when they read a parent’s will, POA, or other documents. Knowing what someone’s wishes are is especially important for those named power of attorney, as... View Article

How to leave assets to grandchildren in an estate

On Behalf of Porter Ramsay LLP | Oct, 15, 2021 | Wills And Estates

While many individuals choose to leave assets to their children in an estate plan, some also look to leave at least some wealth to the younger generation. Grandparents may have many reasons for leaving assets to their grandchildren. They may want to help out people who are younger in their families get a good start, or they may simply want to show their love to these additional family members. Here are some things to consider for those looking to leave assets to grandchildren:  The grandchild’s age: Grandchildren over 18 years old are of age to directly receive their inheritance, and can be named directly on an insurance policy or will. For younger... View Article

Home buying still a priority for many in Generation Z

On Behalf of Porter Ramsay LLP | Oct, 01, 2021 | Real Estate Law

Affordability is a major hurdle to home ownership for young people today. However, despite this challenge, three quarters of adults in Generation Z cite buying a home as a goal for them, and over half of these people say they are very likely to reach this goal. In fact, 15% in the study already owned homes. While younger adults are clearly eager and focused on purchasing homes, there is no doubt they face some challenges. These include: Rising prices: The cost of homes continues to rise, and young people who have yet to enter the market are contending with a... View Article

Four types of co-parenting “loyalty traps” to avoid

On Behalf of Porter Ramsay LLP | Sep, 17, 2021 | Family Law

For couples with children, co-parenting can be one of the most challenging aspects of a divorce. Even if there is conflict, resentment or other negative feelings from the breakup, it is important to do all one can to avoid putting children in the middle. One thing parents should be careful to avoid when co-parenting is “loyalty traps.” Loyalty traps can cause emotional and mental strife for children, and if taken too far, they could be considered alienating under British Columbia family law. Loyalty traps are situations parents put children in that, often unintentionally, make them feel like they have to... View Article

Can you inherit your parents’ debt?

On Behalf of Porter Ramsay LLP | Sep, 02, 2021 | Wills And Estates

When people think about estate planning, the conversation often centres around the fate of property and assets. But, what happens to someone’s debt when they pass away? The answer depends on the type of debt held, but the good news for beneficiaries is that they will not be responsible for debt personally unless their name is on the loan. Although this is a great reassurance, it is still important to make sure that an estate is organized in such a way that the impact of debt is a minimal as possible to beneficiaries. Here are some steps families can take... View Article

Using your estate plan for your own protection

On Behalf of Porter Ramsay LLP | Aug, 25, 2021 | Wills And Estates

Having a will is a great first step in creating an estate plan. If you have drafted a will, you likely had your loved ones in mind. Your motivation may have included ensuring your family would fairly distribute your assets without the confusion of an intestate probate. However, do you realise there are other aspects of your estate plan that can go even further in bringing peace of mind and security to your loved ones while protecting your wishes and best interests?  If your estate plan does not contain a health care directive and power of attorney designation, you may leave your family... View Article

How to buy out the family home during a divorce

On Behalf of Porter Ramsay LLP | Aug, 19, 2021 | Family Law

Property division is one of the most complex aspects of divorce. One piece of property that can be particularly contentious in British Columbia breakups is the family home. While many couples opt to sell the home and split the profits in a divorce, this is not the only option. An alternative solution is for one former spouse to buy out the other’s interest in the property. When negotiating a buyout in mediation, individuals should consider the following details: The value of the house: Couples need to agree on the value of the property. This usually involves hiring a real estate... View Article

Tips to avoid wildlife crashes in B.C.

On Behalf of Porter Ramsay LLP | Aug, 05, 2021 | Personal Injury Law

British Columbia is a beautiful place, with its natural sights and abundant wildlife. This can certainly attract residents and tourists to the province, but it can also come with some risks for drivers. One of these risks is the possibility of a collision with wildlife on the roads, such as a deer or even moose. Although some of these crashes are unavoidable, here are some tips on how to avoid hitting wildlife on the roads, or to minimize damage if a collision does happen: Keep an eye on the time: Dawn and the hours between 6:00 and 9:00 p.m. are... View Article

Common types of real estate investments

On Behalf of Porter Ramsay LLP | Jul, 22, 2021 | Real Estate Law

Real estate investment is a large topic, covering everything from fixer-uppers to ownership of large complexes. For British Columbia investors looking to get into the real estate market, it can help to know the different investment options available to them. While there are many “types” of real estate investment that can be pursued, here are some of the most common: Rental units inside a primary residence: This is one of the more common ways of maximizing the value of a primary residence. It involves renting out part of the home, such as a basement or a bedroom. Short-term rentals may... View Article

What is the role of the ICBC Fairness Officer?

On Behalf of Porter Ramsay LLP | Jul, 12, 2021 | Personal Injury Law

Recently, the Insurance Corporation of British Columbia added a Fairness Officer to its team as part of its consumer protections. Individuals who have issues with their auto insurance, such as resolutions to payouts following an accident, may wonder whether writing to the Fairness Officer is a good idea. Here is some information about the scope of the Fairness Officer’s role that may be of interest to insured individuals in British Columbia. The credentials of the Fairness Officer The current Fairness Officer for ICBC is a former lawyer who began working for ICBC starting in 1982. He later served as an... View Article