Difference between revisions of "Why You Should Consider a Will"

[[File:writingyourwill-contents1.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]A '''will''' is a legal document that leaves instructions about what the person making the will wants done with their property and obligations after they die.   

Making a will gives you some control over what happens to your '''estate''' after you die. Your estate is made up of the property and possessions, also known as the '''assets''', that you own at your death (with some exceptions explained below). With a will, you can make sure the things you own go to the people you want to have them.   

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If you die without a will, there is no way to prove what your wishes were. The law dictates how your estate will be divided. The rules are set out in the [http://canlii.ca/t/8mhj ''Wills, Estates and Succession Act'']. For example, if you have a spouse and no children, your estate passes to your spouse. If you have a spouse and you had children together, your spouse gets the first $300,000 value of your estate and half the balance; the other half of the balance is divided equally among your children.  

If there is no one who applies to administer the estate, then the '''Public Guardian and Trustee''' takes responsibility.

The law does not say that you have to make a will. However, by making one you can make sure that your wishes about inheritance are respected.

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No. A will generally doesn’t cover property that you don’t own exclusively. For example, a joint bank account or a house owned in joint tenancy has a "right of survivorship." When you die, any jointly owned properties will automatically become the exclusive property of the other joint owner. This property doesn’t form part of your estate.  

Also, property where you have designated a '''beneficiary''' doesn’t form part of your estate. The beneficiary is entitled to receive the proceeds on your death. Common examples include a life insurance policy or a retirement benefit plan.  

A will takes effect only after you die. A '''power of attorney''' and a '''representation agreement''' are ways to plan for the handling of your affairs '''during your lifetime'''.  

Both a power of attorney and a representation agreement cease to have effect when you die.

A "living will" is not a legal document in British Columbia. The term has been used to describe a person’s wishes for their health care treatments, and particularly treatments they do not want in an end-of-life situation. The options available in British Columbia to address health care wishes for an end-of-life situation are a '''representation agreement''' or an '''advance directive'''. Both are ways to plan for health care decisions that may need to be made before you die.