While it’s important for all adults to have a valid will, it’s particularly important for parents to make decisions about guardianship and distribution of assets that will affect their children’s future, should the parents pass away.

Guardianship determines who will care for minor children after their parents die. In most cases, parents appoint a close family member or friend to be the guardian and, occasionally, two guardians might be appointed.

Other important decisions are needed around the division of assets, such as property and money. There are a number of options to consider and a lawyer or notary public may assist in determining the best option for your family. For example, you can leave very detailed instructions about how much and when your child should receive their inheritance, or there may be circumstances where it works best to divide assets in equal or specific amounts, knowing that the value of assets will fluctuate over the years. A trust is another option and effective when there are expensive ongoing payments that would be unreasonable for the guardian to bear.

Now is the perfect time to make your will. A number of organizations throughout the province are hosting activities to assist people in creating or updating their will. For information on these and other resources, visit: www.ag.gov.bc.ca/make-a-will

Why It Matters:

The Province is raising awareness about the importance of creating or updating a last will and testament by proclaiming March 31 through April 6, 2014, as Make-a-Will Week. Implementation of the new Wills, Estates and Succession Act (WESA) on March 31, 2014, has made it easier than ever to make a will.

Quote:

Attorney General and Minister of Justice Suzanne Anton -

“As a parent, I understand how important it is to discuss guardianship and estate planning with your family. That discussion will ensure your loved ones are cared for after you’re gone. I encourage all British Columbians to create or update their will during our province’s first Make-a-Will Week. I understand how difficult it is for parents to think about the possibility that they could die while their children are still young. But making a plan through your will can bring you, and your family, peace of mind.”

Quick Facts:

• The new Wills, Estates and Succession Act makes estate planning simpler and easier for the general public to understand.
• Having a will allows you to set out your wishes.
• A set formula will be applied to divide your property if you do not prepare a valid will.
• The legislation will not invalidate any wills validly made before it comes into effect.
• Some of the laws governing the interpretation of wills are changing, so individuals who already have a will may choose to have it reviewed by a professional to ensure their wishes are upheld.

Learn More at:

Make-a-Will Week launch: http://www.newsroom.gov.bc.ca/2014/04/isnt-it-about-time-to-make-a-will.html

Make-a-Will Week: www.ag.gov.bc.ca/make-a-will

Media Contacts:

Lori DeLuca
Ministry of Justice
Government Communications and Public Engagement
250 953-3196