Recorded on: October 8, 2024
Length: 60 minutes
Summary
Lawyer Michael Scott and notary Lilián Cazacu answer common questions on how to make or update a will in British Columbia.
Highlights
In this webinar, you will learn:
The role of a will in estate planning
The role that a will, power of attorney and representation agreement each play in your estate planning. [4:10]
What a will typically covers and whether you must list every asset. [6:35]
What happens to your possessions if you die without a will and whether you need to make a will if you don’t have much. [9:10]
Making your will
The difference between a notary and a lawyer and what to expect if you hire one of them to write your will. [12:50]
How much it costs to have a notary or lawyer make a will for you. [16:30]
Factors to consider when deciding whether to use a make-a-will kit. [21:00]
The role of an executor and factors to consider when choosing one. [25:55]
What happens if you don't have an executor and whether you should hire a professional executor. [30:50]
Special cases
What to do if you want to exclude one of your children from your will and how to strengthen your will to better withstand a wills variation challenge. [35:20]
What to do if you own property outside of Canada. [38:10]
Whether to make a will if you don’t have long to live. [40:20]
Final steps in making a will
Whether you need to have your will notarized and registered. [41:30]
What to do with your will after it’s been signed. [43:55]
How often you should update your will. [45:15]
Live questions
The legal effect of a codicil as compared to a letter stating the wishes of the testator. [47:20]
Whether a will is required where spouses have joint accounts and no other assets. [49:20]
The difference between making a will and setting up a trust, besides the implications for the probate fee. [53:35]
Featuring
Michael Scott
Michael Scott is a lawyer at Clark Wilson LLP in Vancouver. He practices in estates and trusts and elder law. He is passionate about helping individuals work through their estate planning options by simplifying complex legal principles to ensure the decisions they make about wealth transfer, business succession, incapacity and disability are well-informed ones.
Lilián Cazacu
Lilián is a notary public with Lilián Cazacu Notary Corporation, with offices in Langley and Aldergrove. He obtained a law degree and masters’ degree in Europe, where he also completed doctoral studies in public law and criminology. After moving to British Columbia, he worked as a paralegal while qualifying as a notary public. Lilián is passionate about promoting financial and legal literacy in his community, especially focusing on estate planning and incapacity planning.
Attendee feedback
“Excellent speakers and fantastic information.”
“Very informative and practical information. Thank you for this webinar.”
“Well done, good speakers, interesting and informative. I enjoyed the presentation and it will help me with my estate planning.”
“Amazing amount of valuable information — THANK YOU.”
"I appreciate the helpful advice given by the lawyer and notary public. The moderator is excellent in her proficiency regarding clarification and her demeanor is so pleasant. Thank you!"
"I think everyone who lives in BC should watch this! My beloved husband who just passed away never left a will and I now have clarity on why there's a need for a will and how."
“Thanks so very much — so valuable and helpful.”
“Love, love, love People's Law School.”
“Wonderful information — thank you! I must stop procrastinating and get this sorted.”
Additional resources
From People’s Law School:
Preparing your will, a step-by-step guide
More detail on choosing an executor and how your will doesn’t cover every type of property
Also:
Wills registry, to file a notice of your will
Find an authorized trust company, on their regulator’s website