Tax Treatment of Testamentary Trusts
The Canadian Bar Association recently published some information on the basic importance of having a complete estate plan: http://www.cba.org/bc/public_media/wills/176.aspx. To be frank, your estate plan is something that should definitely not be taken lightly, despite the emotional cloud looming overhead that can often be a deterrent to this process. Nobody likes to think about the “What happens when I…” situation, but for the sake of those around you, it is a considerate and necessary process to undertake.
Without a will, when your time is up your estate and possessions become divided according to the Estate Administration Act, which almost certainly ensures your estate is divided in a way that will disappoint, and potentially create fights among, your heirs. If you have children that are under 19 when you die, then a suitable guardian should be designated within your will to protect them and provide for their well-being going forward.
Estate planning covers a lot of ground, which is why you should always have a lawyer help you through the process. A properly drafted will can be quite a complex legal document. We know completing a proper estate plan is a daunting task, but it’s an important one; possibly one of the most important processes you can undertake. For the sake of the well-being of your family and estate, please give us a call to start the process of creating your estate plan, and we’ll make sure to seamlessly guide you through the process.