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.
Why should I have a will?
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.
How much is the probate fee?
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.
I have been named as an executor in a will. What do I do now?
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.
Why should I have a representation agreement and an enduring power of attorney?
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.