It香蕉视频直播檚 not as horrible as you might think.
In fact, there are circumstances when having a will, or not, wouldn香蕉视频直播檛 make much difference at all.
I suspect that most people are concerned about what would happen to their stuff: 香蕉视频直播淚f I don香蕉视频直播檛 have a will naming beneficiaries, do my assets go to the government?香蕉视频直播�
The law provides for default beneficiaries if you haven香蕉视频直播檛 designated beneficiaries in a will.
You can access a link to 香蕉视频直播淒ivision 1 香蕉视频直播� Distribution of Estate When There is No Will香蕉视频直播� of British Columbia香蕉视频直播檚 Wills, Estates and Succession Act (the 香蕉视频直播淎ct香蕉视频直播�) here ().
The legislation starts by saying that if you die with a spouse and no living descendant, the default beneficiary is your spouse.
That default works for most people in that circumstance.
Not having a will also means no appointed executor. You might ask: 香蕉视频直播淗ow can an estate be dealt with if there香蕉视频直播檚 no executor?香蕉视频直播�
Easy-peasy!
There香蕉视频直播檚 another provision of the Act that gives a priority list of people who the court can appoint to administer the estate if there香蕉视频直播檚 no will. It香蕉视频直播檚 section 130 which can be accessed here ().
The top of the list is your spouse.
But, you might ask: 香蕉视频直播淒oes it cost a bunch more money to administer an estate using the defaults of the Act than if there was a will?香蕉视频直播�
The answer is no.
The process of obtaining an estate grant (commonly known as probate) is needed regardless of whether or not there is a will. There are just slightly different forms if there香蕉视频直播檚 no will.
The same probate fees will have to be paid.
And the estate grant process shouldn香蕉视频直播檛 cost any more in legal fees.
That might beg the question: 香蕉视频直播淲hy go to the expense of having a will!?香蕉视频直播�
There are many reasons.
One key reason is that the default beneficiary provisions don香蕉视频直播檛 work out well a lot of the time.
Consider, for example, a scenario where you have a spouse and a child.
Most people would want their spouse to be their sole beneficiary, with their estate going to their child only if their spouse predeceased them.
The default provisions are a little complicated. A lump sum goes to the spouse ($150,000.00 or $300,000.00, depending on whether the child is also the spouse香蕉视频直播檚), with the balance divided between the spouse and the child.
The other default provisions are kind of fun to read through. I invite you to read through section 23 of the Act, which sets out a dizzying set of defaults if you die without a will and have no spouse. It goes through an expanding family tree trying to find someone the deceased is related to and goes so far as great-grandparents and their descendants!
And yes, the very end of that paragraph says that if none of those defaults apply, 香蕉视频直播渢he whole estate passes to the government香蕉视频直播ο憬妒悠抵辈!
Another important reason for a will is to deal with minor children.
If you don香蕉视频直播檛 have a will that appoints a guardian and a trustee of minor children, there is a very expensive government body called the Public Guardian and Trustee of British Columbia (香蕉视频直播淧G&T香蕉视频直播�) that must handle their financial affairs.
And unless there is a trust set up in the will that requires a child香蕉视频直播檚 inheritance to be held for them until they are more mature, they will have that lump sum on their 19th birthday.
Most parents want provisions that hold back a child香蕉视频直播檚 inheritance until they reach age 30, with a trustee able to use their discretion to dole out amounts that might be helpful for the child香蕉视频直播檚 education and other reasonable needs until they reach that age.
There are many other reasons why a properly drafted will can be of significant value, but those will have to wait for future columns.
Effective estate planning can be very simple. It can also be very complex. I encourage you to consult with an estate planning lawyer so that you can be properly advised and make an informed decision about what mechanisms to put in place to ensure your wishes are followed.
Paul Hergott
Lawyer Paul Hergott began writing as a columnist in January 2007. Achieving Justice, based on Paul香蕉视频直播檚 personal injury practice at the time, focused on injury claims and road safety. It was published weekly for 13 陆 years until July 2020, when his busy legal practice no longer left time for writing.
Paul was able to pick up writing again in January 2024, After transitioning his practice to estate administration and management.
Paul香蕉视频直播檚 intention is to write primarily about end of life and estate related matters, but he is very easily distracted by other topics.
You are encouraged to contact Paul directly at paul@hlaw.ca with legal questions and issues you would like him to write about.
