Business

Why a Simple Will is Not Enough

last will and testament
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A large number of people in British Columbia do not have a Last Will and Testament. I wonder why that is?

Many people are afraid to make a Will for superstitious reasons as they feel they will die right after they make one. Others don’t know where to start and how much it will cost. The bottom line is that the cost associated with dying without a Will is huge.

Did you know that if you die without a proper Will, then the Wills, Estates and Succession Act of B.C. takes over and freezes your assets until an administrator is appointed by the Courts and who that person can be is uncertain? Also, your estate could end up paying anywhere between 10% to 25% of its total value in probate fees and legal expenses depending upon how complex your estate is.

Dying without a Will may result in some or all of the following situations:

  1. You don’t have control over who gets how much of your estate and when they get it. The courts will decide on the distribution of your estate.
  2. If you have young children, you give up the right to appoint a guardian for them.
  3. A (paid) administrator must be appointed by the Court to manage your estate. That service will increase the cost of settling your estate, and may delay distributing your assets to your heirs.
  4. If you have children under 19 and the other parent is not alive, the court will appoint a guardian.
  5. If your children are under 19 years of age, they will not be able to receive their share of the estate until they are 19. During that time, if your spouse (or the guardian of the children) wants to get money for the education or living expenses of the children, he or she will have to apply to the Public Guardian and Trustee who holds the child’s share in trust until he or she turns 19.

If you don’t have a Will, you’re like an ostrich burying his head in the sand, “he can’t see me because I can’t see him” … or it will never happen, or I’ll do it later when I’m dying or close to death?”

Who wants to pay more to the Government?! You remember the old saying, ”The only certainty is death and taxes.” A bit cliché but very accurate. The following ancient Chinese proverb captures the situation perfectly, “Remember to dig the well, long before you get thirsty.”

With this in mind, C2K Law Corporation provides timely advice in relation to the drafting of wills, powers of attorney, and other estate planning vehicles. We strive to deliver an affordable, value-added service to suit your individual needs. We recognize that you are concerned about the costs of legal services. We do our best to provide a low cost value added service by leveraging technology and reducing overhead expenses passing the savings on to you. We use our entrepreneurship in our creative problem-solving approach, which enables us to take immediate and decisive action.

Bal Bhullar
Bal Bhullar is a corporate/commercial lawyer who owns and operates C2K Law Corporation. Bal has over 20 years of international and domestic practice experience. He has worked in private practice in Vancouver and Bermuda as well as in-house with public and private companies in the mining, aviation, telecom and technology, construction, oil and propane, insurance, management consulting and health care industries. Bal's areas of expertise include corporate finance, banking law, mergers and acquisitions, joint ventures, corporate restructurings, governance and compliance, company law, contracts and all types of commercial transactions. Bal is the member of the Law Society of B.C. and is admitted as a Barrister and Attorney in Bermuda. Bal is a business savvy lawyer who is solutions oriented and focused on delivering high value advice and service to all of his clients.
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