Will To Live In Vancouver

It’ll Never Happen

will-and-trust-documents

Speaking with Vancouver buyers, sellers and owners often is heard that they’re house is not in order. Far too often they have not given due consideration to having a Will or have even thought about having a power of attorney.

Assumptions

It’s not uncommon to find they assume that because they are young, in good health or without dependents, they don’t need a Will. Wrong! Nothing could be more incorrect. It is a financially dangerous path to follow. If you die intestate, our province mandates what your beneficiaries will receive. Additionally, not having a will can incur substantial delays in settling your estate often adding greater expense.

Thoughts

When thinking about your estate consider its value and how you would like your beneficiaries to benefit. Simple questions about who gets what and under what circumstance need to be resolved. If you have children, you may want to consider setting up a trust for them from which they can benefit at some time in the future.

Who You Appoint

An executor is responsible for the administration of your estate. They are bound to fulfill this duty according to your wishes stipulated in your will. Choosing an executor is very important. Be certain that they understand the amount of work involved – it can be very time consuming and unsettling. Keep them informed of your wishes so that when needed they are ready to make decisions.

Just In Case

It’s also wise to have a second. Life is full of surprises and when called upon to serve your first choice may not be up to the task. Ultimately, you can choose a corporate executor to handle the details of your estate. It’s not as costly as you might think and certainly solves the issues noted above.

What If?

A Power of Attorney is someone whom you give authority to act on your behalf. They will be responsible for handling your Vancouver property and financial affairs should you not be able to do so. Powers of attorney can also act on your behalf for personal care and many other life decisions.

Two Jobs Two Documents

A Power of Attorney should not be confused with a Will. They are separate documents that serve different purposes. Power’s of Attorney can be given for short periods of time such as holidays or can be enduring and have much broader control in managing your health and financial affairs.

Too Late

Life is busy and full. Don’t put off completing your will and power of attorney. You never know when you’ll be hit by a bus! 🙁

*Information provided by Lara Hein, Consultant, Scotia Private Client Group

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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