Everyone makes mistakes in life. But there is no room for error when it comes to wills and estates planning. Before sitting down to write an all-encompassing estate plan, British Columbia residents would do well to know how to avoid some common pitfalls -- the first being not have an estate plan at all. Things will get tricky for the loved ones of someone who dies intestate -- meaning without a will.
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.
Once people have made the decision to devote some time to their estate plans, knowing what's essential is helpful, and knowing what screws up estate planning might also make the going a bit easier. Wills and estates can be tricky things for British Columbia residents, and even tiny mistakes could mess up otherwise good planning. Not keeping documents current is probably the number one faux pas for an existing plan, but there are others.
Parents never stop being parents and as such always want to do what's best for their children, even when the kids become adults. Aging British Columbia residents thinking about their wills and estates may also be thinking it might be a wise idea to put their assets into joint ownership with their kids. That could include the family home, which, experts say, may not be the best idea.
Fashioning an estate plan needs a lot of consideration. British Columbia residents who are thinking about their wills and estates have to decide to whom they're going to leave their assets and how that's going to look not only on paper, but in reality. Baby boomers are aging and it is estimated that in the next three decades about $16 trillion globally will pass from one generation to another. But strained economic times are leading people to share their worth with grown children and grandchildren while they're still living -- a trend that has come to be known as a living inheritance.
There are many things to think about when writing an estate plan. When British Columbia residents take some times to think about their wills and estates, they need to pay some attention to their digital assets as well as physical and monetary ones. Digital assets could include social media accounts, email addresses, digital photos, social media pages, online accounts like PayPal and cryptocurrencies like Bitcoin.
There are various ways of transferring an estate in Canada. British Columbia residents who are thinking about their wills and estates may find it helpful to know what those means are. Wills are the most common and most popular way of transferring an estate, but there are other ways that can work in conjunction with wills. Having a will in place first, though, is a must since, without one, an estate can get complicated, and when a loved one dies intestate -- or without a will, it can cause further heartache for family members.
Having an up-to-date comprehensive estate plan is always prudent. When it comes to wills and estates in British Columbia, having the right executor also means a great deal. But, what if that person isn't living in the same province or even the same country? This may cause some problems.
There is nothing that can cause more hurt and anxiety than being left out of a loved one's will. A lot of feelings can be enmeshed in wills and estates. When a British Columbia resident finds that he or she has been left out of a will, there are things that can be done even though it may take some time.
There are things people can do to reduce costs when planning their estates. British Columbia residents taking the time and effort to fashion their wills and estates want to leave as much as possible to their loved ones after they've passed away. But by planning in advance, more of the assets of the estate are sure to go to beneficiaries.