Everyone should have an estate plan in place to ensure a smooth transition of their assets and care for their loved ones. We understand this process can be emotional and is unique for each individual and we know what needs to be done to ensure that your wishes are upheld and your loved ones are protected.
- Wills - particularly for business owners
- Estate Administration/Probate
- Powers of Attorney
- Medical Representation Agreement
- Trusts - family trusts, inter vivos trusts, alter ego trusts, testamentary trusts.
Practice Tip: Probate is required where land is involved or financial assets in excess of $10,000 are involved. Literally translated probate means to "prove" the will. Probate can be avoided by transferring assets during one's lifetime, holding title to real or personal property in joint names or making a designation in a registered plan or life insurance policy such that the proceeds do not flow to the estate. In British Columbia, probate fees are currently levied at the rate of $208 as an initial fee; $6.00 per thousand for estates valued at $25,000 to $50,000 and $14.00 per thousand for estates over $50,000. There would be additional legal and accounting costs as well.
Family trusts can be very useful tools to multiply access to the lifetime capital gains deduction and to protect assets from creditors including spouses and former spouses. of children who own shares in a family business, for example.
