Make-a-Will Week in British Columbia: Planning for the Future
Are you prepared for the unexpected? October 1 to 7, 2023, marks the annual Make-a-Will Week in British Columbia. This special week aims to raise awareness about the importance of having a will and encourages the public to either create a new will or update their existing one.
Over the years, the number of British Columbians with a will has been steadily increasing. According to a recent survey conducted by the BC Notary Association in 2020, 50 percent of British Columbians have a signed, legally valid, and up-to-date will. This is a significant increase of 6% from 2018 when only 44% of the population had a will.
Reaching the milestone of at least half of the population having a will is a significant achievement. It reflects a growing understanding among British Columbians about the importance of estate planning. However, there is still work to be done, as there are many individuals who have not yet taken this vital step.
Interestingly, the survey also revealed that homeowners are more likely to have a will. More than half of British Columbian homeowners under the age of 55 have a will, while an impressive 80% of homeowners over the age of 55 have made the necessary arrangements. These statistics highlight the correlation between property ownership and the realization of the importance of estate planning.
It is crucial to understand that having a will is not limited to the elderly. Regardless of your age or current circumstances, having a will guarantees that your wishes will be honoured in case the unexpected occurs. Avoiding the creation of a will can result in your estate being distributed in ways that may not align with your intentions. Additionally, the costs associated with administering your estate without a will may be higher.
Furthermore, one of the most important aspects of having a will is ensuring that you have made provisions for the care and well-being of your loved ones, especially if you have young children. By designating a guardian in your will, you can provide peace of mind for yourself and your family, knowing that your children will be cared for by someone you trust.
If you have not yet created a will or need to update yours, now is the perfect time to act. Contact your local BC Notary and make an appointment to draft your personalized will today. They are experienced professionals who can guide you through the process and help you make informed decisions about your estate.
Remember, life is unpredictable, but planning for the future can bring a sense of security and ensure your assets are distributed according to your wishes. Take the opportunity during Make-a-Will Week to prioritize your future and protect the people and causes you cherish most.
Posted in Personal Planning