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Wills and estates: Simplifying the estate planning process

Writing an estate plan doesn't need to be difficult and won't be if some basic tenets are followed. Some British Columbia residents shy away from wills and estates planning because they view the process as being involved and time-consuming. However, there are a few essential guidelines that simplify creating a well-rounded estate plan, the first being having a will and ensuring that it is updated as life changes.

It is always best to plan for the unforeseen and part of that entails naming an individual to act on a power of attorney. One individual can be named or one to make health care decisions and one to take care of financial matters. When it comes to beneficiaries of an estate, they should always be kept current by the party designated to act as executor of the estate.

Those who are married may wish to consider owning assets like property as joint tenant. Doing so allows a testator's loved ones to sidestep the tax probate process. Joint tenancy typically ensures that a deceased owner's interests in property automatically get transferred to a surviving owner.

Estate planning is a process. Documents pertaining to wills and estates are living documents that need to be tweaked over the years. A British Columbia lawyer experienced in estate planning laws will be able to offer a client advice not only on what a comprehensive estate plan should look like, but what life occurrences warrant an update of a plan. It is better to have an estate plan in order and current just in case loved ones should need it.  

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