FAQs About Wills & Estate Planning
Frequently asked questions, to help you understand your options
when you are seeking legal advice for Wills and Estate Planning.
A will ensures that the division of your estate is carried out according to your wishes. If you do not have a will your property will be divided according to B.C. law, and the costs associated with administering your estate will increase.
In addition to the basic application fee of $200, the probate fee depends on the value of the estate. If the estate is under $25,000, then there is no probate fee. For estates over $25,000, it is $6 for each $1,000 or part of $1,000 of estate in value up to $50,000, plus $14 for each $1,000 or part of estate value more than $50,000. An estate planning lawyer can help you minimize these costs.
There are many responsibilities for an executor. Among other duties, here are a few you can expect:
- disposition of remains
- care and management of assets
- dealing with debts
- preparing to administer the estate
- accounting and expenses prior to the grant of probate
A will-maker typically appoints someone they trust to manage their affairs. It is usually necessary to obtain legal advice to navigate through the responsibilities listed above.
A representation agreement and an enduring power of attorney work together as a ‘living will’. They outline how an adult wants their affairs managed if become incapacitated (i.e. – no longer able to take care of their own affairs).
A representation agreement is a legal document created by the adult, appointing another person to make decisions on their behalf about personal and healthcare needs.
An enduring power of attorney is a legal document created by the adult, appointing another person to make decisions on their behalf about financial and legal matters.