What are the items that should be or must be included in a Will?

What are the items that should be or must be included in a Will? 

 

Thank you for your question.

I recommend that you engage the services of a lawyer, trust officer or notary public to assist you in drawing a Will.

My notes below are not legal advice.

Here is a “link” to general Will information.

A Will can be complicated…but in very simple terms a Will says:

 

This is my last Will and I revoke all prior Wills

I name xxxxxx as my Executor/Executrix…xxxxxx as my Trustee xxxxx as guardians for minor children. (One generally specifies how much discretion an Executor will have)

I direct that my Executor pay all my outstanding debts and taxes.

I direct that my Executor liquidate my assets (but may have the power to retain certain assets for future sale).

(The above two steps may be reversed depending upon circumstances)

I direct that my Executor pay the following bequests:

And I direct that my Executor divide the “residue” as follows:

…here’s where you say..”who gets what”…how money will be paid out…what happens under various contingencies etc.

A Will must be witnessed and signed…and usually every page is initialed by all parties…And a Will should be registered with the BC Government.

…and you should post a copy on the Nidus Personal Planning Registry – under Other Documents.

 

I hope that this information is helpful to you.

 

DAVID CHALMERS, Nicola Wealth Management
BA, FLMI,  CLU, CFP, ChFC, CIM, RFP

Nidus would like to extend a special thank you to David Chalmers and Nicola Wealth Management for helping to promote our fall personal planning series and for educating their clients about Representation Agreements. Read David’s blog post.

 

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RESOURCES

Wills Registry – you may file a Wills Notice that lists your name, the date you signed your Will, and where you plan to keep the original. The law does not require you to register information about your Will, but when you die, and if your estate is probated, a search of the Wills Registry is required by law.

You cannot store a copy of your Will in the government Wills Registry and you cannot update contact information. You may store a copy of your Will (in PDF format) in the Personal Planning Registry under ‘Other Documents’ and if you make a new Will, you can replace the old copy you stored at no extra charge.

The legislation in British Columbia governing wills and estates changed as of March 31, 2014. The Wills, Estates and Succession Act replaces the Wills Act and the Wills Variation Act. Following are links to information provided by the BC lawyers association (CBABC):

Making a Will and Estate Planning

What Happens if you Die Without a Will?

Duties of an Executor

 

Nidus partnered with BC Courthouse Libraries to raise awareness about BC’s essential legal planning documents and the Nidus Registry. The kick off event was held on September 15th at the Vancouver Public Library Central Branch with a panel of experts in the field. Questions that were submitted will be answered in a series of posts by Nidus and various panel members. To see photos from the event click Gallery; and click Registry Sing-a-long for the fun of it!