What does a will normally have in it?
Your will governs the distribution of your assets (your money, house, things in your house, vehicles, coin collections, time shares, etc.) after you pass away. By preparing a will, you get to decide:
- who will be in charge of the distribution of your assets
- how and when your assets will be distributed
- who your assets will be distributed to
- who will take care of your minor children
Your will provides instructions to your friends and family members on how to deal with everything you own after you pass away. You may wish to gift everything to your spouse and/or your children. You may wish to leave some specific items to your nieces and nephews or make a cash gift to a charity. You may wish to have someone hold money in trust for your grandchildren until they turn 21. All of these instructions can be included in your will so that the people handling your estate will know what your wishes are and be legally authorized to carry out those wishes.
- Who needs to have a will?
- What does a will normally have in it?
- Who do I need to appoint in my will to handle things when I die?
- What happens if I die without a will?
- What happens if my will is found to be invalid?
- Can someone challenge my will?
- I want to exclude a child from receiving anything in my will, or leave them much less than the other kids. Can I do this?
- I’ve been told to consider trusts for my children in my will. Is this worthwhile and how do I accomplish this?
- I have a will but it is old – how often should I review it?
- I’ve moved here from another province where I had done a will. Is my will from that other province still valid?
- I have disabled children or family members and want to leave them an inheritance, but do not want them to lose their disability benefits. How do I accomplish this in my will?
- I have no family members who I want to be my executor or trustee. Who can I appoint to handle my affairs?
- I want to donate some money to charity when I die. How do I accomplish this in my will?
- I have property in another province or in another country. Will my BC will govern those assets?
- I do not like my child’s spouse. How can I ensure that the inheritance I leave is not going to get into that spouse’s hands?
- I don’t want my children or grandchildren to get a large inheritance when they hit 19 years old. How do we ensure they get an inheritance but do not get control of all the money until a later age?