Many people think of a will as something to put off until later in life. But the truth is, a will is a fundamental estate planning document that provides clarity and peace of mind for you and your loved ones, and certain life events make it an absolute necessity.
Here’s a look at the optimal times to prepare a will and the important reasons why you shouldn’t delay.
The Legal Power of a Will
A will is a legally binding document that specifies how your assets will be distributed after your death. It can also be used to appoint a guardian for any minor children you have and to outline your wishes for your funeral or burial.
Without a valid will, your estate is considered “intestate.” In British Columbia, this means the distribution of your assets will be decided by a strict legal formula under the Wills, Estates and Succession Act (WESA). The law dictates who inherits what, and the result may not be what you would have wanted.
Key Moments That Should Prompt You to Write a Will
While there’s no bad time to prepare a will, these life events are clear signals that you should either create one or update an existing one.
- Reaching Adulthood: In British Columbia, you can create a legally valid will as soon as you turn 16 years old. At this age, you can already own assets, and a will ensures they go to the person or people you choose, rather than following intestacy rules.
- Acquiring Significant Assets: If you purchase a home, open a new investment account, or inherit a substantial sum, you should have a will in place to ensure these assets are distributed according to your wishes.
- Marriage or Common-Law Partnership: A significant detail under BC’s WESA is that marriage no longer automatically revokes an existing will. However, if you haven’t adequately provided for your new spouse in your will, they have the right to challenge it in court. To avoid this, it is highly recommended to create a new will after getting married or entering a common-law partnership of two years or more.
- Divorce or Separation: Ending a marriage or common-law partnership can have a major impact on your will. Under WESA, gifts to a former spouse are considered revoked, but other provisions in the will may remain valid. To prevent confusion and ensure your new wishes are respected, it is crucial to create a new will after a separation or divorce.
- The Birth or Adoption of a Child: The arrival of children is a major life event that necessitates preparing a will. This is your opportunity to name a guardian for your minor children and to specify how you wish to provide for their future.
- A Change in Health: A diagnosis of a serious illness or a decline in health is a powerful reminder of the importance of having a valid will in place. Acting while you still have the mental capacity to make your own decisions is essential to avoid potential legal disputes down the line.
The Power of Being Proactive
Even in the absence of a major life event, it’s a good practice to review your will every three to five years to ensure it still reflects your wishes and is up-to-date with any changes in the law.
The best time to prepare a will is as soon as you have assets, dependents, or specific wishes regarding your estate. By doing so, you provide certainty for your family, minimize the risk of disputes, and ensure your final intentions are respected.
Northam Law offers comprehensive services for all of your will and estate planning needs. Call us at 604-630-2350 or email admin@northam-law.com.
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