Estate Planning Lawyers Vancouver

SECURE YOUR FAMILY’S FUTURE AND YOUR PEACE OF MIND

As trusted estate lawyers, we bring years of experience and a commitment to providing personalized estate planning services. Whether you need help drafting a will, setting up a trust, or navigating the probate process, we are here to ensure your wishes are respected and your family's future is secure.

Why Do You Need Estate Planning?

Estate planning is a crucial step in ensuring that your assets and wishes are handled according to your preferences, providing peace of mind for you and your loved ones.

A well-crafted estate plan can help minimize taxes and legal fees associated with transferring assets, ensuring that more of your estate goes to your beneficiaries rather than being consumed by unnecessary costs. Additionally, probate can be a lengthy and costly process; through estate planning tools such as trusts, you can bypass probate, allowing for a quicker and more private transfer of your assets.

If you have minor children, estate planning lets you designate guardians to care for them in the event of your passing, ensuring their well-being and stability. Advanced healthcare directives and powers of attorney are crucial components of an estate plan, enabling you to outline your medical preferences and appoint someone to make healthcare decisions on your behalf if you are unable to do so.

For business owners, estate planning ensures a smooth transition and continuity of operations, protecting your business’s future and your employees' livelihoods. It also allows you to create special provisions for family members with special needs without jeopardizing their eligibility for government benefits.

When Should You Start?

The ideal time to start estate planning is as soon as you have any significant assets or responsibilities, such as property, investments, or children. This ensures that your wishes are documented and legally binding, providing peace of mind for you and security for your loved ones.

Major life events often serve as critical moments to begin or update your estate plan. These events include getting married, having children, purchasing a home, starting a business, or experiencing significant changes in financial status. Each of these milestones can impact your estate plan and necessitate adjustments to ensure that your assets and wishes are properly accounted for.

Even if you are young and healthy, having an estate plan in place is important. Unexpected events, such as accidents or illnesses, can occur at any time, and having a plan ensures that your medical preferences, financial affairs, and guardianship wishes are respected. Additionally, if you have dependents, an estate plan is vital to designate guardians and provide for their future care and financial security.

The Probate Process

The probate process is a legal procedure that comes into play after an individual's passing. It involves validating the deceased's will in a court of law and confirming the rightful ownership and value of assets in the estate.

While the process verifies the legitimacy of the will, if no will exists, an administrator takes on the executor's role and will need to apply for an estate grant. Upon completion, an estate grant (Grant of Probate or a Grant of Administration), confirming the executor or administrator’s authority to manage the estate.

Navigating the probate process can feel intimidating. Our team at Parr Business Law is here to guide you through the process, ensuring a smoother and more informed probate journey for those entrusted with this responsibility.

Trusts

A trust is a legal framework that involves entrusting your assets to a designated trustee for management. Within this structure, the trust becomes the legal owner of your assets, while the trustee is responsible for their administration.

Two types of trusts that we help a lot of clients set up are Alter Ego Trusts and Joint Spousal Trusts. These trusts, available only to Canadian citizens over 65 years of age, are created during your lifetime and cater to specific circumstances, and have a variety of benefits, including a reduction of probate fees payable, privacy, and protection from wills variation claims. These types of trusts also function to provide incapacity planning in that the appointed trustee(s) are able to manage the funds should the original settlor become incapable of doing so.

An Alter Ego Trust is designed for singles (although it may be utilized by a person in a spousal relationship), and a Joint Partner Trust is tailored for married or common-law partners and enables you to transfer assets into the trust.

If you are interested in starting a trust, please reach out to our team and we will be able to provide guidance and help you through the process.

Executors, Representation Agreement, and Powers of Attorney

Before creating a will, you should note the difference between Executors (under a Will), Representatives (under a Representation Agreement) , and Attorneys (under a Power of Attorney) . These people all play pivotal roles when it comes to will and estate planning.

At Parr Business Law, we are here to help guide you through creating these important decisions in life. If you have any questions regarding executors, advanced directives, or powers of attorney, please contact us.

EXECUTOR

An executor is a person you entrust with the duty of ensuring that the instructions in your Will are carried out with diligence and integrity. Their roles include aspects such as overseeing assets, settling debts, ensuring tax obligations are met, and can include tasks like canceling subscriptions, paying bills, and attending to the maintenance of your home. Relationships can change over time, which is why it is important to review and change your executor if necessary. In certain circumstances it may be wise to appoint a trust company (a professional executor).

REPRESENTATION AGREEMENT

Life doesn’t always go as planned and sometimes unfortunate circumstances arise. By creating a Representation Agreement Directive, you can be prepared for these unexpected events A Representation Agreement is a document that provides another person with authority to make medical decisions respecting your care. Whether it's due to illness, injury, or cognitive challenges, this directive becomes the guide for healthcare professionals. Regardless of age or health status, we advocate for every individual to have a Representation Agreement in place, and to have a candid discussion with your appointed Representative(s) about the kind of care that you want should the unthinkable happen.

POWER OF ATTORNEY

Appointing a Power of Attorney is a legal tool that empowers an individual of your choosing to manage your legal and financial affairs in the event you're unable to, whether it's due to sudden incapacitation or unavailability (e.g. an overseas out-of-cell contact journey). From managing financial assets to making crucial medical decisions, a POA will help ensure that your life sails smoothly even during turbulent times. The most important part of choosing a Power of Attorney is trust. Your POA should be reviewed and can be adjusted if you wish.

FAQs

  • An estate plan typically includes a will, which outlines how your assets will be distributed; trusts, which can help manage and protect assets; powers of attorney, which appoint someone to manage your financial and legal affairs if you become incapacitated; and healthcare directives, which specify your medical preferences.

  • While you can create basic estate planning documents on your own, consulting with an estate planning attorney is highly recommended. An attorney can help you navigate complex legal requirements, create a comprehensive plan tailored to your needs, and ensure that your documents are legally sound and enforceable.

  • If you don’t have a legal will, your assets will be distributed according to the rules of intestacy, which will pass your estate down to your closest living relatives in a way that may not align with your wishes. Dying without a will can also cost your loved ones money and create confusion and potential conflict, as they may need to seek legal counsel to figure out how to handle your estate. The distribution of an estate without a will takes longer and is generally more expensive than it is with a will. A dispute may arise as to who will act as the estate administrator (aka executor) of an intestate estate. 

    Plan ahead and contact us if you’re looking for the best estate planning lawyer in Vancouver

  • You should review and update your estate plan periodically, especially after major life events such as marriage, divorce, the birth of a child, the death of a beneficiary, or significant changes in your financial situation. Regular reviews ensure that your estate plan remains current and reflective of your wishes.

  • Yes. However, online services don’t come with the benefit of proper legal and tax advice. Drafting an estate plan is one of the most consequential actions you can take. Improperly drafted wills can be invalid, challenged by beneficiaries, or create adverse tax consequences. Make sure you work with a law firm that has lawyers that do wills specifically.

  • Wills are technical and complex. There are many ways to invalidate a Will, create unintended ambiguity about your wishes, or generate an unexpected tax burden. Partnering with a lawyer ensures your will's legality which will prevent potential complications for your family and other beneficiaries.

Need Advice on Estate Planning?

SCHEDULE A FREE 15-MINUTES CONSULT CALL

When it’s time to secure your family’s future, Parr Business Law can help. Our Vancouver wills and estate lawyers can advise you on how to structure your estate and help you prepare a legal will to ensure your own peace of mind. Schedule a free consultation call today to start the process of creating a will. We have lawyers that are experts in the estate planning process and represent clients throughout Vancouver, the Lower Mainland, and all of British Columbia.