Wills and Estate Planning for Kamloops & Surround Areas
Wills and Estate Planning
One of the most important things you can do for your family is to have a properly drafted Will.
We have the expertise to ensure that:
- Your assets are given only to those who you wish to receive your assets.
- You have named the right person to act as your Trustee to arrange your affairs after your death, and to distribute fairly your effects and assets among those you have selected.
- Minor children are raised by the person whom you, not a court, select.
When we draft your Will, there are some points you should know:
- If you marry after you make your Will, then your Will is of no effect.
- Your Will is not the only document which governs how your assets are dealt with at your death. Property can be set up in joint tenancy, or be payable to designated beneficiaries to significantly reduce taxes and legal costs upon your death.
- Taxes can be saved by the proper gifting of your RRSP's (Registered Retirement Savings Plans), RIF's (Retirement Income Funds) and insurance proceeds in some situations.
- If you are separated from your spouse, you will not necessarily have guardianship of your child on your spouse's death. This topic deserves careful consideration in a Will planning interview.
- Children of a former marriage or separated spouses can, in some cases, dispute your Will if you do not provide for them. Steps can be taken to reduce the likelihood of success in these court disputes by proper drafting of your Will.
- If you or your spouse ever becomes mentally incompetent (due to a car accident, stroke, etc.) you will have no right to sell the home or any other assets you own with your spouse unless you have Power of Attorney. Without a Power of Attorney, a costly, slow court application to a judge, complete with medical reports and mandatory bonding to obtain Committeeship, is required.
In most cases, you do not need a detailed listing of your bank accounts and other assets you own. We are trained to look for problem areas, and to provide cost effective solutions to these common problems faced by many people.
We are committed to serving your needs and protecting your interest.
Call us for an appointment at your convenience!