The Province of British Columbia has declared April 9 to 15, 2017 “Make a Will Week” to encourage the many British Columbians who don’t have a current will to prepare one, and to encourage families to discuss the topic and future planning.
New research shows a significant gap between the number of British Columbians who own a home and those with a legal will in place, particularly among those under the age of 35.
A March 2017 omnibus telephone survey of 500 B.C. residents by Mustel Group showed that 48 per cent of B.C. adults have a will, but a separate recent Mustel survey showed that 74 per cent of adults own a home.
The discrepancy is even higher among those 18 to 34 years old, of whom 50 per cent own a home but only 13 per cent have a will.
“This is a troubling situation when such a large number of people who own real estate don’t have a legal will,” said Tammy Morin Nakashima, President of BC Notaries and Steveston Notary. “If someone shares ownership of a property or home it is especially important to review the structure of that agreement, since it could determine what happens to that person’s share of ownership after they die.”
If there is no will in place, or the will is not properly prepared, an estate may not be distributed as the deceased intended. Furthermore, if the Public Guardian and Trustee is brought in to administer the estate, the Province may then decide how assets will be divided.
The survey also found that 56 per cent of respondents with families do not have a current will in place.
“It is also essential that anyone with dependent children have a current will,” said Morrie Baillie, a Victoria Notary. “The lack of a will can leave dependent children vulnerable to wait in foster care while courts decide on a suitable guardian. Contrast that to the simplicity of a will, which empowers you to nominate someone you trust to take immediate care of your minor children.”
The costs of administering the estate may also be higher if a legally enforceable will does not exist. The kindest thing someone can do is ensure they have completed up-to-date estate planning, so that loved ones don’t need to worry about it after they’re gone.
Creating a will takes less time than most people think and can usually be completed in one or two short meetings. A good way to start the process is to identify a legal professional in your community, like a notary, who can assist you in preparing a proper and legal will.