It is estimated that ¼ of all B.C. voters do not have a will. Given that the average house value in Metro Vancouver is benchmarked to be at $1.3 million, your home or other assets could be subject to many thousands of dollars in unplanned estate transfer taxes and probate fees. Many more people have wills that are now outdated, due to recent changes in wills & estate law, changes in assets, or changes in the age and status of their dependents.
An updated will, or a review of your current will, ensures that your wishes will be fulfilled, and that your assets are transferred appropriately. Proper planning can also help to minimize unnecessary tax implications of asset transfer on death.
An up-to-date will and professional advice also makes an executor’s job easier and can protect them from personal liability.