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Estates & Trusts Law > Estate Planning and Trusts Lawyers in Vancouver

Quick answer: Estate planning is how you decide who gets your assets and who steps in if you die or lose capacity. For most people in British Columbia that means a will, powers of attorney, and a representation agreement, and sometimes a trust when there are minor children or more complex assets. Wills here fall under the Wills, Estates and Succession Act, and a spouse or child left out can still bring a wills variation claim, so a plan that ignores them rarely holds up.

Estate Planning and Trusts Lawyers

We assist you in planning for incapacity to ensure your assets and health care are appropriately managed, and plan your estate so your assets are efficiently conveyed on death.

When preparing estate plans for our clients, we take care to understand their unique needs, goals, and circumstances to ensure their estate assets are effectively and efficiently conveyed on death. A comprehensive estate plan also incorporates planning for the possibility of future incapacity to ensure a client’s financial needs, legal affairs, and health care are appropriately managed during their lifetime. Our personalized estate planning services include:

Team Members’ Additional Language Skills:  Cantonese, Korean, Vietnamese

Our lawyers have extensive litigation experience to draw upon when preparing your estate plan to ensure such risks are mitigated. 

We are proud to offer our legal services to the people of Vancouver, Burnaby, New Westminster, Surrey, Coquitlam, Kelowna, and all other surrounding areas.

CONTACT US

To obtain an estimate of legal fees to complete your estate plan, please fill out the relevant form below and email us at reception@onyxlaw.ca. 

Estate Planning Questionnaire For Individuals

Estate Planning Questionnaire For Spouses

If you prefer to speak to someone, please call (604) 900-2538.

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Onyx Law Group represents clients throughout British Columbia with family law, estate and trust litigation, estate planning and probate/estate administration matters. Consult with our experienced BC team at  
(604) 900-2538

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Benefits of Estate Planning

Estate planning is not just for the very wealthy. It’s beneficial and important for people of all income levels.

A well-prepared estate plan is your opportunity to provide instructions with respect to who inherits from your estate and when they should receive their inheritance. You also get to appoint the personal representative(s) of your choosing to manage and distribute your estate. But estate planning is so much more than that. It can also be used to:

  • leave instructions about who will be responsible for your minor children

  • minimize or avoid probate fees and tax burdens that your estate would otherwise have to bear

  • create trusts that benefit you and/or your spouse, children, or other family members

  • provide for stepchildren in blended families

  • make charitable gifts

  • business succession planning

  • deal with international assets or property in other jurisdictions

  • express your wishes and instructions with respect to health care and appoint a person or people to make decisions on your behalf should you become incapable (see here for more on representation agreements BC)

  • appoint a person or people to handle your property, finances and legal affairs on your behalf should you lose capacity (see here for more on power of attorney BC)

A well-thought-out estate plan provides valuable peace of mind, helps you prepare for life’s challenges should they arise, and ensures the smoothest possible transition of assets and property after your passing.

How Estate Planning Protects Your Loved Ones

Estate planning also provides immense benefits for your family members. Your estate plan can be structured to provide valuable protection and financial security for your spouse, children, and other loved ones. They will not be left to wonder what your wishes were, nor will they be faced with extra hurdles during the already difficult bereavement period.

A good estate plan can save your family members a substantial amount of time, money, and stress. Your estate plan will make your wishes clear, reducing the potential for conflict. Good planning helps families avoid delays, litigation, and unnecessary legal costs during an already difficult time. It’s your opportunity to give peace of mind and security to the people you care about most after you’re gone.

How Estate Planning Protects Your Loved Ones

The Estate Planning Process

Creating an estate plan can seem like a daunting task. It doesn’t have to be. The right guidance and advice can greatly simplify the process. The Vancouver estate planning lawyers at Onyx Law Group will work with you to refine your goals and determine the best options to achieve your individual needs. Read on for a quick overview of the estate planning process.

1. Initial Consultation

Our Vancouver estate planning professionals approach the initial consultation as a no-pressure conversation. It’s our opportunity to learn about your family and financial situation and get an understanding of your needs, goals, and concerns.

During the consultation, we’ll explain the options and recommended planning strategies and begin to lay the groundwork for your estate plan. You will gain a sense of clarity and a refined vision for the future.

2. Information Gathering

The next step is to gather additional details about assets, family members, and any special wishes to ensure nothing is overlooked. This typically involves making a detailed list of your intended beneficiaries, assets, and debts. It may also require review of documents such as deeds, legal agreements, insurance policies, and investments containing beneficiary designations. We will carefully lay out what is needed and guide you through the information-gathering process.

3. Drafting Documents

Once we have your instructions, we prepare customized legal documents (will, trust, power of attorney, etc.) to achieve your goals. The documents will be tailored to adhere to the formal legal requirements for making valid, enforceable estate planning documents in British Columbia.

4. Review and Revisions

Next, you get time to review the draft documents, ask questions, and request changes. We work closely with you to ensure the documents are well-understood and reflect your wishes. It’s important for you to feel comfortable with and protected by the plan.

5. Execution and Signing

The next step is to sign the legal documents in accordance with the formalities set out in British Columbia law. A Vancouver estate planning lawyer at Onyx will guide you through the signing process to ensure your estate planning documents are executed in the proper manner required to make them valid and enforceable.

6. Ongoing Updates and Maintenance

Life is dynamic, and your estate plan should reflect any significant changes in your circumstances. We recommend that you regularly review and update your estate plan. Major life events such as marriage, divorce, the birth of a child, or changes in financial status/assets are also triggers that you should review your estate plan.

You’re always welcome to contact us to discuss potential changes or updates. We’ll advise you on whether changes are needed and help you decide on the best strategy to ensure your plan reflects your current wishes and circumstances.

What Is a Trust and When Should You Create One?

Many people hesitate when it comes to trusts, finding the concept and the various types of trusts confusing and overwhelming. Others think that trusts are only for the very wealthy.
The reality is that trusts can offer advantages for small and large estates alike and that the concept of trusts can be demystified with the right professional advice from legal counsel.

Think of a trust as a defined legal relationship. You, as the “settlor,” create the trust and define its terms. You transfer ownership of assets or property to a “trustee” whom you select to control and manage on behalf of one or more beneficiaries, in accordance with the instructions in the trust agreement. Trusts can offer many benefits, including increased privacy, tax advantages, enhanced control, avoidance of probate, and protection for vulnerable beneficiaries.

There are many types of trusts. We can explain the options and help you decide whether trust(s) would be advantageous and recommended as part of your estate plan. Our services include creating testamentary trusts, living trusts, family trusts, and special needs trusts (see here for more on disability trust BC). We also prepare alter ego trusts and joint partner trusts, which are special types of revocable trusts available to individuals over the age of 65 (for more on alter ego and joint partner trust BC, reach out to us or have a look at this article we prepared).

Estate Planning and Trusts Areas of Expertise

Alter Ego Trust and Joint Partner Trust
Many clients have a good understanding of Wills, but only a general familiarity with the concept of a trust. Alter Ego Trusts and Joint Partner Trusts are often asked about, but far less understood as an important estate planning tool.
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Committeeship Applications

A power of attorney is a legal document that allows another person(s) or trust company to manage your money, A Committee is a person appointed by order of the BC Supreme Court made on an application under the Patients Property Act, to manage another person’s health and financial affairs. This often occurs when a person is already incapacitated and they do not have a power of attorney or representation agreement in place.

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Disability Trusts

If a member of your family is a person with a disability, you may wish to settle a disability trust to provide for their financial needs. You may wish to establish the trust during your lifetime (called an ‘inter vivos trust’), or on your death through your Will (called a ‘testamentary trust’).

Read more
Power of Attorney

A power of attorney is a legal document that allows another person(s) or trust company to manage your money, property, business, taxes, etc. on your behalf.

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Representation Agreements

A power of attorney is a legal document that allows another person(s) or trust company to manage your money, Representation Agreements are a key part of estate and advance care planning. A Representation Agreement is a legal document that allows you to plan for future incapacity.

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Will Preparation

A Will is a legal document that solidifies your wishes regarding the distribution of your estate upon your death.  Ensuring that you have a comprehensive Will in place is one of the most important things you can do for your family. 

Read more

Frequently Asked Questions

How Much Does It Cost to Set Up an Estate Plan in Vancouver?

For individuals with straightforward needs, such as a will and power of attorney, the costs are generally lower, ranging from $300 to $1,500. A more comprehensive estate plan for complex estates may cost up to $2,000 to $5,000. Overall, the cost of your estate plan depends on the complexity of the plan, your location, and legal fees.

How Much Does an Estate Planning Lawyer Cost?

Legal fees depend on the lawyer, their level of experience, and where they are located. Some lawyers offer flat fees or package deals that include wills and powers of attorney, for example. It’s a good idea to do some research and call around to find an estate planning lawyer that meets your needs and budget. It’s also important to remember that paying for professional legal advice upfront can save you and your family thousands in legal fees and stress in the future.

What Happens if I Die Without an Estate Plan in British Columbia?

If you die without a will, you are said to have died “intestate.” A law created by the BC government called the Wills, Estates and Succession Act decides who inherits from your estate and in what amount. That means the people who inherit may not be who you would have chosen as beneficiaries if you prepared a will. It can also be more time-consuming and costly for your surviving family members.

What Is the Difference Between a Will and a Trust?

A will is created during your lifetime but does not take effect until you pass away. It’s a legal document that outlines how your assets and estate will be distributed after your death. Estate administration is handled by the executor(s) you appoint in your will.

In comparison, a trust deals with specific assets or property, usually with “strings” or conditions attached. A trust can be set up to take effect during your lifetime (called a “living trust” or inter vivos trust) or it can be set up to take effect on your death (this type of trust would be contained in the wording of your will and is called a “testamentary trust”). Trust administration is handled by the trustee(s) you choose when creating the trust.

Do I Need a Lawyer to Create a Will or Trust?

It’s possible to prepare your own will. BC law doesn’t forbid DIY wills, but it does set out legal requirements that all wills must meet to be valid and enforceable. The best way to ensure that you have a valid will that “covers all the bases” is to have it prepared by a legal professional. 

Trusts are a different ballgame. It’s strongly recommended that you work with an estate planning lawyer to create a trust. Trust laws and tax laws are complex. Professional advice is crucial to make sure you set up a trust that is legally valid and enforceable.

Does a Power of Attorney BC Need to be Notarized?

Not necessarily. In BC, an Enduring Power of Attorney does not need to be notarized to be legally valid. However, if your lawyer will be handling real estate transactions, the document must be notarized by a lawyer or a notary public. This ensures that the Land Title and Survey Authority of BC (“LTSA”) will recognize the document when dealing with property matters.

Even if real estate isn’t involved, notarization can add an extra layer of credibility and make it easier for institutions like banks to accept the document without additional verification. If you want to avoid complications down the road, notarization is recommended.

What Documents Are Typically Included in an Estate Plan?

An estate plan typically includes key legally binding documents such as a will, power of attorney, and representation agreement. An estate plan may also include other important legal documents such as trusts, deeds, titles, beneficiary designations, and written funeral instructions.

When Should I Update My Estate Plan?

It’s a good idea to review your estate plan every so often to ensure it continues to fit with your circumstances. You should update your estate plan if your wishes change, and you may also need to revise your estate plan after major life events (marriage, divorce, the birth of a child, acquiring new assets or business interests, etc.).

Related Practice Areas & Resources

Past results are not indicative of future outcomes; every case turns on its own facts. The information on this site is for general information only and is not legal advice.