Presentation from the June 09 Meeting

making of a will, each province may have its own particularities.  If you are not sure whether a will made outside this province is valid here, contact a lawyer familiar with British Columbia probate laws.

A change in marital status can also have an effect on your will. If your spouse has passed away, you have divorce or remarried, or you are now living in a common-law relationship, all these occurrences may have an impact on the directions outlined in your will. In addition, the BC’s Estate Administration Act has special provisions to govern the rights of separated  and common-law spouses.

HOW CURRENT IS YOUR WILL?

I am going to make a confession. Up until recently, my wife Karen and I had been blissfully unaware that my will was totally out of date. It was made in 1985 just prior to my deployment to the Middle East with the UN. The years went by, our lives had changed – we were now retired, our executor was living in the United States, our children had grown up and we now had grandchildren. In other words our wills no longer met our needs. Are you in the same situation? Many factors can determine whether your current will meets your wishes or is even valid in British Columbia: choice of beneficiaries can alter; executors can move on; wealth increases; your marital status changes or your will was made in another province.

A will is quite simply a document, conforming to the requirements of British Columbia, which contains directions for the disposal or distribution of a person’s assets after his or her death. In British Columbia a will must be signed by the testator (the person making the will) and two witnesses with the exception of personnel in the military and someone who is a mariner. Two witnesses must see the testator sign, and the testator must see those two witnesses sign. If a witness or the spouse of a witness is named in the will as a beneficiary, the bequest to the witness or the spouse of the witness will be invalid.

One of the more common occurrences for FSNA members is that they move to British Columbia after their retirement. Although there are obviously similarities in the rules governing the

It comes as a surprise to many retirees just how large their estate can be. One of the principal reasons for this has been the steep escalation in the value of your home over the past ten years.  Moreover, your children may be well established in their careers and, therefore, no longer need direct support in the case of your demise. Conversely, many grandparents are paying into Registered Educational Saving Plans (RESP) for their grandchildren.  Therefore, you may wish to review your will to take into consideration changing circumstances and new obligations or even due to increased wealth leave some of your estate to a favorite charity.  

Once we reach retirement age one of the most important documents that we posses are our wills. If there is no will, or the will is deemed invalid in British Columbia, the Estate Administration Act then sets out the details regarding the distribution of your estate. This may not meet your needs, or your estate can be subject to more taxes than necessary. Therefore, you should ensure that your will is not only valid in British Columbia but currently reflects your wishes. If you have not reviewed your will for some time, if you have any doubt as to its validity in British Columbia, see your lawyer or a notary public who will assist you in drafting a new will.

John Finn

RSO