Will and estate planning

Everyone should have an estate plan in place, complete with a will. This ensures that financial affairs are resolved quickly at your death and that your loved ones benefit from your estate and lose as little as possible to taxation.

Why you need a will

The most important part of your estate plan is a valid, up-to-date will. If you die without a will, the government simply distributes your estate according to provincial law. Not according to your wishes. Only with a will can you ensure that your wishes are fulfilled.

The best way to create a will is to work with an expert. Many do-it-yourself will packages leave details open to legal interpretation. So it pays to get good advice.

It also pays to have your will updated regularly by your professional advisor. Your acquisition of assets and a new child, for example, are good reasons to keep your will current. You should also know that getting married invalidates your existing will.

How to distribute your estate

Distributing your estate is more complicated than simply dividing things among your heirs. You need to determine the value of your assets from pensions, investments, real estate and personal property. You also need to know which assets you own jointly with your spouse and who are the beneficiaries of your RRSPs and insurance policies.

Then you must appoint an executor, the person who will see that your wishes are met. Lastly, you must decide on your goals. Most people want to maximize the value of their assets and protect them from excess taxation. It also makes sense to leave behind enough liquid assets (cash, stocks or bonds) so that your executor doesn’t have to sell physical or family assets to pay taxes.

Our planning guide can help you

There are many strategies that you can use to protect your assets. To help you decide which are best suited to you, Vancity has produced a Will and Estate Planning Guide. The guide is intended to save you time and money in planning your estate and preparing your will.

In addition to answering basic questions about will and estate planning, the guide provides instructions and a checklist to help you prepare for a meeting with a professional advisor. Generally, advisors charge for their services by the hour. Our guide can save you money by ensuring that you have all relevant information at hand for your meeting.

Our guide also offers ideas

	to help organize your personal and financial information
	for appointing an executor, trustee or guardian
	to help you decide how to distribute your estate

The Will and Estate Planning Guide is available at your Squamish Savings branch.

When you are unable to help yourself

We recommend that in addition to your will you prepare an enduring power of attorney and a representation agreement. These legal documents are designed to protect you and your family should ill health prevent you from making decisions about your affairs on your own.

An enduring power of attorney lets you appoint somebody you trust to look after your financial and legal affairs if you are unable to. It allows your attorney, for example, to act for you if you become mentally or physically infirm.

A representation agreement is your appointment of a trusted person to represent your wishes regarding your health care in the event infirmity of any kind makes it impossible for you to made decisions on your own. This is particularly important if you have express wishes concerning specific medical treatments or medications.