No matter how young or old, every stage of life is the right stage to make a Will. If the process sounds intimidating, read about it online (scroll down for links), get help and make it fun. Remember, proper prior planning promotes prolonged partying.
Step One: Make lists
- List the types of things you own that require an owner to be registered as the owner. In other words, you have to do official paperwork when you buy it, sell it or give it away to someone (e.g. land, bank accounts, investment accounts, insurance policies, vehicles, etc.)
- List the things you own that are worth something, but don't require registration. In other words, you can buy, sell or give these things away without doing any official paperwork.
- List all of your debts (e.g. personal loans, credit cards, LOCs, mortgages, CRA debt, etc.)
Step Two: Canvas the nature of your assets
- Add total value of all items on each list.
- Looking at List 1 - Is the total value of what you own on this list greater than $25,000?
- If your List 1 assets are less than $25,000 you may not need legal help drafting a will.
- Looking at Lists 1, 2 and 3 - Add List 1 and List 2 totals. Subtract your debts (List 3).
- When a person dies with more debt than assets, the assets often are liquidated to pay off the debt. The excess debt dies with the person.
- Consider the nature of your assets - Do you have questions about how to manage the transfer of your assets during life or after your death?
- If you have List 1 assets, you may need legal advice about how to sell them or give them away.
- If you have List 2 assets, you may need legal advice about how to ensure your property ends up in the right hands.
- If you have significant valuable assets, you may also need financial planning advice about how to manage taxation and how to protect and preserve your assets.
Step Three: Decide if you want professional help
After canvasing the nature of your assets, you are ready to look at the online DIY resources. Explore what is available. Are you able to achieve your planning goals using the general legal information available from reputable resources online? Give it a try. If you need a professional, call us. We can help by providing specific legal advice that is tailored to your life circumstances.
Trusted Online Resources
Personal Planning Resources - info about planning for your own care in the event you need help while you are alive (e.g. hospitalized from serious injury or disease)
- Government of BC - Incapacity planning
- People's Law School - Chat with Beagle+
- Nidus Personal Planning Resource Centre - Discussion Tools
Estate Planning Resources - info about making your will (i.e. how your stuff will be dealt with after you die)
- Courthouse Libraries BC, ClickLaw - How do I make a will?
- People's Law School - Preparing a will & estate planning
- Access ProBono BC, Everyone Legal Clinic - Wills & Estates
Disclaimer: This post provides general information and does not constitute legal advice. Consult with a lawyer in BC for personalized recommendations.