Common Mistakes to Avoid When Drafting a Will in British Columbia
Drafting a will is a crucial step in estate planning that ensures your wishes are carried out after your passing. In British Columbia, as in many other jurisdictions, the process of creating a will can be straightforward if done correctly, but there are common mistakes that can lead to unintended consequences and complications for your loved ones. To help navigate this process effectively, here are some key mistakes to avoid when drafting a will in British Columbia:
- Not finishing the Will
One of the most significant mistakes is not finishing a will at all. When a person dies without a will (which we call having died intestate), the deceased’s estate is distributed according to provincial laws, which may not align with their wishes. In British Columbia, this means the estate will be distributed based on the rules of intestacy set out in the Wills, Estates and Succession Act (WESA). Having a will allows you to specify how you want your assets distributed and who you want to manage your estate. While it’s important to get started on thinking about what and who you want to include in your Will, it is just as important to actually finish the Will and execute it properly in accordance with the legal execution and witnessing requirements. It is not enough to just think about the Will if you never get around to finishing it, and even worse, if you leave notes or drafts of your Wills without properly signing them, this could lead to confusion and costly litigation for your heirs who may need to resort to heading to Court to resolve your unfinished Will and uncertain testamentary intentions. - DIY Wills Without Legal Advice
While DIY will kits and online templates are widely available and may be useful as references or guides, they may not account for your specific circumstances or the nuances of your particular estate in accordance with British Columbia law. These generic forms might not comply with legal requirements or may be ambiguous, leading to disputes or even the will being declared invalid. Consulting with a qualified estates lawyer helps ensure that your will is properly drafted, considers all legal requirements and circumstances, and accurately reflects your intentions. Most importantly, the lawyer’s notes and advice may help avoid costly litigation down the road which would far exceed the savings of any DIY will kits. - Incomplete or Ambiguous Wording
A will should clearly outline how you want your assets distributed and to whom. Vague or ambiguous language, or complex terms, can lead to confusion and disagreements among beneficiaries who will not have the benefit of asking you to clarify your meanings after you have passed. It’s essential to be specific about the details of your estate and to review the document carefully to ensure all estate assets are accounted for and that instructions are clear. Avoid the temptation of inserting overly complicated terms and conditions in your Will which may lead to uncertainty and thus stress and complications for your heirs. - Failure to Update
Life changes such as marriages, divorces, births, deaths, and changes in financial circumstances can impact the contents of your will. Failing to update your will to reflect these changes can result in unintended beneficiaries inheriting or disputes among family members. Regularly review your will and update it as necessary to ensure it accurately reflects your current wishes, so that your Will remains up-to-date to your current life circumstances. - Not Considering Tax or Probate Fee Implications
In British Columbia, there are various tax and probate fee implications that may affect your estate, including income taxes, capital gains taxes, and probate fees. Failing to consider these factors when drafting your will and structuring your assets during your lifetime could result in a larger tax or probate fee burden on your estate or missed opportunities for tax and probate planning. Consulting with a tax advisor including an accountant or estates lawyer can help minimize tax liabilities, probate fees and ensure your estate is distributed efficiently. - Choosing the Wrong Executor
The executor of your will is responsible for administering your estate and ensuring your wishes are carried out. Choosing someone who is incapable, unwilling, irresponsible or unfamiliar with their duties can lead to delays and complications. It’s crucial to select an executor who is trustworthy, competent, and willing to fulfill the role. Discuss your decision with the chosen executor beforehand to ensure they understand and accept the responsibilities involved. - Not Including Digital Assets
In the digital age, it’s important to consider what will happen to your digital assets (such as social media accounts, online banking, and cryptocurrency) after your death. Many people overlook these assets in their wills, potentially leaving loved ones unable to access or manage them especially if they require digital access or passwords that only you know. Make a list of your digital assets and include instructions for how you want them managed or transferred in your will or at least have them recorded in your estate notes.
Conclusion
Drafting a will in British Columbia requires careful consideration of your personal circumstances, legal requirements, and potential implications for your estate. By avoiding these common mistakes and seeking professional advice when needed, you can ensure that your wishes are respected, your loved ones are provided for, and your estate is managed efficiently. Taking the time to create a well-thought-out will is a valuable gift to yourself and your family, providing peace of mind for the future. If you are looking for estates and Wills advice, contact our law office at 604-285-5240 and our lawyers would be pleased to assist you.
The content on this website is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this website are advised to seek specific legal advice by contacting members of Bernard Lau and Co. (or their own legal counsel) regarding any specific legal issues. Bernard Lau and Co. does not warrant or guarantee the quality, accuracy or completeness of any information on this website and should not be relied upon as being proper, accurate, timely or fit for any particular individual’s own circumstances other than for educational purposes.
Accessing or using this website does not create a lawyer-client relationship. Although your use of the website may facilitate access to or communications with members of Bernard Lau and Co. via e-mail transmissions or otherwise via the website, receipt of any such communications or transmissions by any member of Bernard Lau and Co. does not create a lawyer-client relationship. Bernard Lau and Co. does not guarantee the security or confidentiality of any communications made by e-mail or otherwise through this website.
