Why “Will Preparation Procrastination” Can Have Disastrous Consequences
The process of preparing and writing a Will can be daunting. Not only because clients think the process is complicated and emotionally taxing. But also, because people find writing a will constitutes something existential; an acknowledgment that we will not always be here.
At Zancope Notary, our consultants recognize this and are always committed to approaching the issue with the empathy it deserves. However, it is equally important that clients understand that Will preparation procrastination can have disastrous consequences.
WESA laws in the province of British Columbia register those who die without a Will as “intestate”. While these laws do facilitate the structure for having assets divided amongst children and heirs, the process often becomes complicated. Furthermore, the distribution to each party may be much different than intended.
These laws also come with no guarantee of important specifics. Decisions such as the appointment of an executor for your estate and choosing a legal guardian for children will be entirely up to the discretion of the court.
These decisions can leave a devastating aftermath for grieving loved ones. Not only can these court cases often be long and contentious, but without a will, there is no certainty the state will be able to divide your assets in the manner you may have intended.
Furthermore, these court cases often cause rifts in families regarding the division of assets. The loss of a loved one is already a painful time for those closest to them. When paired with the divide caused by someone intestate, it will only add to the pain and uncertainty those closest to you may feel.
Even if the division of assets from local courts aligns with those interests you had while living, BC law dictates that the state may legally seize more assets from a person who dies in intestacy if it deems it appropriate, versus traditional inheritance taxes. By not having a will prepared you leave your family and assets at risk.
At Zancope Notary Public, our specialty is Wills and Estate Planning documents (Representation Agreement and Power of Attorney). We are a full-service firm with two notaries full time at the office. We also offer real estate services for clients in Langley and throughout Greater Vancouver and the Fraser Valley. We can help you with buying, selling, and refinancing real estate, and provide family property transfers and independent legal advice.
If you have any questions about this article or notarial services, in general, or if you want to make an appointment with Zancope Notary Public, please contact us at (604) 260-6783.