According to recent data, half of Canadians say they don’t have a will. Reasons people gave for not having a will included “I’m too young to need one,” “It’s too time-consuming to make a will,” and “I don’t have enough assets to make the process worthwhile.” Concern about cost was also cited as a factor.
The truth is that it’s never too early to make a will, and you should have a will even if you don’t think you have many assets. With the right legal advice from an experienced estate planning lawyer, probate lawyer, or estate litigation lawyer, the process is streamlined and not overly expensive—in fact, estate planning now may save you and your loved ones time and money in the long run.
It’s important to consult with a lawyer when preparing any legal document. The wills and estates lawyers at Onyx Law Group have the experience and expertise to help you identify issues and create a will that reflects your goals and wishes. Getting your affairs in order can put your and your family’s minds collectively at ease. We welcome you to contact us today for a consultation to discuss preparing your will and planning for the future.
In today’s blog, we’ll discuss the importance of having a will, the types of lawyers that can help you get a will in place, and the role lawyers play in the estate planning process.
What Is a Will?
A will is a legal document that serves as a roadmap after your death. It sets out your instructions for what you want to be done with your assets after you pass away and who you want to benefit from your estate (your beneficiaries). A will is usually one part of a good estate plan, alongside other important legal documents such as a Power of Attorney and Representation Agreement (also known as living wills or advance directives).
If you don’t have a legal will in place when you die, strict rules set out in BC estate law determine who gets your property and money and in what amounts. Dying without a will means your estate may go to people you would not have chosen, and it can cause delay, extra cost, and deep disappointment for your surviving family members.
Purpose and Importance of Having a Will
Having a say in who your property and money go to after your death is extremely important. But a will can do even more than say who you want your assets to go to. When you create a will, you get to decide crucial issues such as:
- Who you want to carry out the instructions in your will and handle the administration of your estate. You get to choose your estate trustee (or estate trustees if you want more than one) to act as your personal representative after your death.
- When you want your beneficiaries to inherit from your estate. When you create a will, you can decide when property should go to certain beneficiaries and who will manage the property until that time. For example, you can create a trust to benefit your minor children that is managed by your estate trustees, with the amount remaining in the trust to go to the children at age 25, age, 30, etc. If you don’t address it in your will or don’t have a will, your beneficiaries inherit at age 18.
- Who you want to care for your minor children. You can appoint a guardian for your minor children and leave instructions for their care and financial security.
- What you want in terms of funeral arrangements. You can provide your wishes for your funeral and burial in your will.
- Whether certain people should receive special gifts from your estate. In your will, you can make specific bequests of money or property, such as gifts to charity or instructions to give sentimental property (family heirlooms, collectibles, jewelry) to a specific person.
As you can see, wills can accomplish many things, and you don’t need to be very wealthy or have complicated circumstances to need a will.
Key Components of a Legal Will
For your will to be valid in British Columbia, it must meet these basic legal requirements as set out in the Wills, Estates and Succession Act:
- be in writing,
- signed at the end by you,
- signed in the presence of two witnesses.
If your will doesn’t meet those legal requirements, it may not be enforceable, which can result in costly litigation and your estate being distributed in a way you didn’t intend. An experienced lawyer can help ensure that your will is legally valid, which will minimize the chance of estate litigation after your death.
Types of Lawyers Who Handle Wills
We’ve already used the term “estate planning lawyer.” You may be wondering what exactly an estate planning lawyer does, and how their role differs from other types of lawyers who handle wills.
An estate planning lawyer advises clients on incapacity planning and succession planning, including preparation of wills, trusts, powers of attorney to manage money, property, business, taxes, etc. on a person’s behalf, and Representation Agreements for health care decisions and medical treatment (a.k.a. living wills). An estate planning lawyer draws on their expertise to spot issues, identify risks, advise clients on strategies for avoiding probate, and address family law issues (e.g., impact of separation agreements or marriage contracts; considerations for blended families).
A probate lawyer assists clients in administering wills and trusts after a will-maker’s death, guiding them through the complicated probate process and addressing probate matters that can arise in even seemingly simple estates. A probate lawyer can assist the estate trustee throughout the probate process, ensuring that the probate timeline is followed and deadlines are not missed, the terms of the will are implemented, and estate administration mistakes are avoided.
An estate litigation lawyer represents clients involved in legal disputes after a person’s death. Litigation may be necessary for many reasons, including questions about whether the will is valid, inheritance theft, and allegations of unjust exclusion from an estate (disinheritance).
A general practice lawyer is one who provides a wide range of legal services to clients. Most lawyers with a general practice work across various areas (e.g., family law, estate law, real estate law). A general practice lawyer may be a suitable choice for a person who needs a basic will. There are risks if the lawyer does not often prepare wills; they may not have up-to-date knowledge of estate laws and legal requirements, they may miss issues, and they may lack the expertise to find creative solutions to meet estate planning needs.
Why Choose an Estate Planning Lawyer
Working with an estate planning lawyer to prepare your will is a smart idea for many reasons. An estate planning lawyer has specialized knowledge and experience to guide you and help you see the big picture. When you understand the range of options for your estate plan and the significance of your decisions, you can make wise choices.
Our estate planning lawyers have extensive knowledge of BC estate law and the probate process. We draw on that specialized knowledge to ensure that important elements are not missed and that your will meets legal requirements. With the right legal advice, you can create a clear, customized will that achieves your goals, helps minimize probate costs, and mitigates the likelihood of estate disputes after your death.
A properly prepared estate plan considers options such as using joint tenancy for real estate and/or bank accounts to avoid probate, and ensures that beneficiary designations align with your overall estate plans. Your estate lawyer can assist you in that regard. They can also advise you on how to handle more complex situations, such as business succession planning and creating trusts during your lifetime to protect your assets, ensure smooth transitions, and maximize your wealth.
Comprehensive advice from an estate planning lawyer is also essential to determine what is fair in blended families and second marriages, and how to address a complicated family situation (e.g., how to disinherit or provide unequal inheritance for children). Our estate planning lawyers are highly sensitive and responsive to unique family dynamics.
How to Find the Right Lawyer for Your Will
When it comes to finding the right lawyer, you’ll need to do a bit of research and ask for recommendations from friends, family, and co-workers. Consider your needs and what you hope to achieve through the estate planning process, then look for a lawyer with the right expertise.
Browse websites and online reviews to check credentials, areas of practice, and level of experience. Set up an initial consultation so you can ask questions about the lawyer’s qualifications, their fees, and their process. The initial consultation is also a great opportunity to assess the lawyer’s communication style. Preparing a will requires open communication and a good rapport. Ask yourself if you feel like the lawyer is informative and a good listener.
Steps in Creating a Will with a Lawyer
Once you’ve found the right lawyer, the process of creating a will begins. The steps may vary slightly from lawyer to lawyer, but here is a general overview of what you can expect. First, you will meet with your lawyer to discuss your situation, including your relationship status, information about your children, details about your assets and liabilities, and information about any existing legal documents (previous wills, prenuptial agreement, marriage contract, etc.). Your lawyer may give you a questionnaire to fill out to help gather information.
The next step is to gather necessary documents and information, and provide your instructions. Your lawyer can advise you and guide you in making choices such as who to name as estate trustee and options for distribution of estate assets among your beneficiaries. Once your lawyer has all the necessary information and your instructions, they draft the will. You then review it, ask questions, and make changes as needed.
When the will has been approved by you, the last step is to meet with the lawyer to have the will signed in the presence of two witnesses, and in accordance with the legal requirements discussed above.
Costs Involved in Hiring a Lawyer for a Will
The cost of having a will prepared by a lawyer depends on the individual lawyer, the amount of time required to complete your will, and whether you want to prepare other estate planning documents. Most lawyers are willing to provide an estimate upon the client providing information about their circumstances and the services they require. The average cost of preparing a will, Power of Attorney and Representation Agreement for health care is between $2,000.00 to $4,000.00 in legal fees. You and your lawyer should discuss the estimated legal fees for the work to be done at the outset of the retainer so you can budget accordingly.
Need an Estate Planning Lawyer?
If you are unsure of how to write a will in BC or want help updating your estate plan, reach out to a trusted lawyer for legal advice. A will is a legal document, and it’s important that you consult with a lawyer when creating legal documents.
The estate planning team at Onyx Law Group in Vancouver and New Westminster can ensure that your estate plans are in order, which will alleviate stress and provide you with peace of mind. We have the knowledge and experience required to craft a legally valid will that reflects your goals and wishes.
Reach out to us today for a consultation to discuss the preparation of your will and any other estate planning needs.