Estate Planning is More Than Drafting a Will

Written by Janet Helm, Realtor® and Seniors Real Estate Specialist (SRES®) 

Estate planning is more than just drafting a will—it’s about ensuring your wishes are honoured, protecting your loved ones, and minimizing potential conflicts after you’re gone. As a Seniors Real Estate Specialist (SRES®), I’ve unfortunately met people who, as my mom used to say, “didn’t have their ducks in a row.” The outcome can be stressful, sad, and entirely unnecessary. In British Columbia, estate planning can include a will, power of attorney, representation agreement, and advanced care directive, each one playing its own role in covering all the bases.

What Is Estate Planning? Estate planning involves the process of organizing your assets, appointing trusted individuals to make decisions on your behalf, and setting instructions for how you’d like your estate managed and distributed. A well-developed plan also typically includes various estate planning documents, such as wills (including a living will), powers of attorney, a list of estate assets, and funeral and burial wishes. 

1. Will: Outlines how your assets will be distributed after death.

2. Power of Attorney: Appoints someone to manage your financial affairs if you become unable to do so.

   In British Columbia, two types of power attorneys deal with finances and property: general power of attorney and enduring power of attorney.  

3. Representation Agreement: is where you write your instructions and name someone to make your health and personal care decisions if you become incapable.

4. Advance Care Directive: Specifies your preferences for medical treatment in case you cannot communicate your wishes.

This all sounds morbid I know, yet important.  Without a comprehensive estate plan, BC’s laws will determine how your assets are distributed, which may not align with your wishes. Estate planning can help you minimize taxes and probate fees, can provide a philanthropic legacy, and peace of mind as well as reduce the risk of family disputes, protect vulnerable beneficiaries, such as minor children or dependent adults and ensure your health care and financial preferences are carried through with. 

When it comes to selecting a lawyer, choose a lawyer who specializes in estate planning and is familiar with BC’s      specific laws and regulations. Seek referrals from friends, family, or trusted advisors who have had a positive experience.  If you need guidance or referrals to trusted estate planning professionals in BC, feel free to reach out—I’d be happy to connect you with vetted lawyers you can speak with.

Estate planning is not a one-size-fits-all process. It’s an opportunity to make thoughtful decisions about your legacy and provide peace of mind for those you love.