Estate Planning Misconceptions

Wills avoid the need for probate.

No! Wills are designed for use in the probate process, to ensure your wishes are followed rather than a one-size-fits-all plan found in legislation and used when a person dies intestate (without a will).

Only wealthy people need professional wills.

Definitely not! This topic is too broad to cover adequately in this format, but if you have young children, disabled children, step-children, a common-law spouse, a disabled or elderly spouse, have been married more than one time, own assets outside of British Columbia or own shares in a company, among other factors, you should seek legal advice from an estate planning lawyer.

Joint assets negate the need for a will.

Sometimes, unless… If you and the joint owner spend time together, you could die or become incapacitated in a common accident. If you put one child on title to your assets in the belief they will share with other children after your death, you may be surprised to learn how often they do not.