Over the last few years, more senior couples have been divorcing. This has had implications on these couples' wills and estates plans. Even when British Columbia couples divorce, most will want to ensure they leave assets to loved ones, particularly any adult children they may share. If children are a part of a family business, estate planning in these instances, are particularly important. When it comes to the dynamics, the divorce part is easier than the estate planning part in a grey divorce scenario.
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.
Many young parents today may not realize that part of loving their children entails planning for their care should something happen to them. When British Columbia parents are in their 20s and 30s, they rarely, if ever, think about will and estates. It could be a big mistake in more ways that one if they don't have estate plans in place – especially when it comes to their kids.
Divorces happen and so do remarriages. Some British Columbia residents could have children from two different relationships and might have questions regarding their wills and estates. Most testators want to include all their children in their estate plans. If the person already has an existing will, he or she might have to write a new one since when a remarriage occurs any will may be outdated.
It's uncomfortable for many adult children to talk to their parents about estate planning. Those talks surround the inevitable loss of a parent and no child, no matter how old he or she is -- wants to think about that. But when it comes to he planning of wills and estates in British Columbia, open and honest communication can save much added grief when they time comes to fulfilling a person's last wishes.
One of the most important things when writing an estate plan, is the naming of an executor. British Columbia residents who are planning their wills and estates will need to do some serious thinking about who that individual should be for them since the job is often not for the faint or heart. It can be time-consuming and stressful and takes a person who is honest and trustworthy.