In a bid to encourage families to discuss future planning, the province declared this Make a Will Week to encourage residents who don’t have a current will to make one.
“Most people find the process leads to important discussions and decisions, and brings families closer as there is more certainty and peace of mind for everyone,” said Kristy Martin, a Greater Victoria notary. “It also provides the will-maker with assurances that their assets will be distributed to family, friends and charitable organizations according to their wishes.”
New research shows a significant gap between the number of British Columbians who own a home and those with a legal will in place, particularly among those under the age of 35. A March 2017 omnibus telephone survey of 500 B.C. residents by Mustel Group showed that 48 per cent of adults in the province have a will, while another recent Mustel survey showed that 74 percent of adults own a home.
The discrepancy is even higher among those 18 to 34 years old, of whom 50 per cent own a home but only 13 per cent have a will.
“This is a troubling situation when such a large number of people who own real estate don’t have a legal will,” said Tammy Morin Nakashima, President of BC Notaries. “If someone shares ownership of a property or home it is especially important to review the structure of that agreement, since it could determine what happens to that person’s share of ownership after they die.”
With no will in place, or a poorly prepared one, an estate may not be distributed as intended and the province may decide how assets are divided.
“It is also essential that anyone with dependent children have a current will,” said Oak Bay notary Morrie Baillie. “The lack of a will can leave dependent children vulnerable to wait in foster care while courts decide on a suitable guardian. Contrast that to the simplicity of a will, which empowers you to nominate someone you trust to take immediate care of your minor children.”
Visit notaries.bc.ca for more information, or to find a Notary near you.