Recently, the B.C. legislative assembly passed the Wills Estates and Succession Act. This consolidates the Wills Act, the Estate Administration Act, the Probate Recognition Act, and several provincial laws that deal with the passage of property upon death, including such will substitutes as insurance and retirement savings plans beneficiary designations. The first major reform in B.C. succession law since the 1920’s, the legislation also brings the law in line with changes in modern life.
One major change is when someone dies without a will (known as intestacy). The proposed new legislation gives the surviving spouse a larger preferential share and a larger share of the balance. The legislation also provides an updated definition of spouse that is consistent with other B.C. Statutes.
Another interesting change is the curative power the B.C. Supreme Court will have to relieve formal defects in wills. “As long as the court is satisfied there is no dispute about the authenticity of the will and that the will is final, the final testamentary wishes, they will admit the will if there are defects in execution or attestation,” says Greg Blue of the British Columbia Law Institute. The foregoing legislation is expected to be in force in 2011.
A will should be reviewed periodically, particularly after a marriage or divorce.
An existing will is revoked by marriage, unless made in contemplation of marriage.
Pensions, RRSP’s, life insurance and so forth allow beneficiaries to be designated outside of the will. It is important to review these designations when updating your will to ensure that they are consistent with your wishes. It is good practice to confirm such designations in your will.
Another major factor to consider is guardianship for minor children, if you have children. A will can establish a trust (known as a testamentary trust) to provide funds for the education and maintenance of children or restrict access to funds until children reach a certain age.
If a person wishes to leave a number of personal effects (e.g. jewelry, artwork, etc.) to a number of parties, this can be most easily done by codicil to the will, which can be changed without changing the will itself.
If you would like to review your will or trust, or have a will or trust prepared, please contact us.
