Empower Yourself Through Personal Planning

Does the idea of making a Will, Power of Attorney, or Representation Agreement send you into overwhelm freeze mode or flight mode—even an escape to the dreaded Honey-Do list? Anything but deal with Personal Planning documents? 

You’re not alone. 

Kim Findlay, Divisional Director of Development for The Salvation Army, recently stated in BC Business Leadership issue No. 53 that “only about 48 per cent of the BC population has a Will.” Yet, ironically, we are living in a time where it is said this generation will face the largest-ever transfer of wealth. 

Having worked in the Personal Planning area of BC law for over 49 years, I can say it’s true that estate planning can be daunting but it’s also empowering. I recall an elderly couple that arrived at my office years ago— uncertain where to begin.

In our consultation, I learned they had an estranged adult son; years earlier they had given him a large cash gift, essentially an inter vivos gift, an advance from the parents’ estate to help their son purchase a home. Over time, however, the relationship soured. Despite the parents’ many attempts to reconcile with their son over numerous years, they remained estranged. With that painful disappointment, the parents struggled at the idea of getting their Wills done. When the husband learned his son would have a right to his parents’ estate under an intestacy (no Will), they were motivated to do their documents! 

They came to see me. Their Wills were done, equalizing equivalent gifts to their other children to the one their estranged son had received. Several years after the last parent died, the son did contest the Wills. Happily, in addition to having proper Wills in place, we had also made—in support of the distribution stated in the Wills—appropriate
documents clarifying the reason for each of the gifts.

The matter was settled with minimal effort and cost, with no redistribution given to the estranged son. Having taken the initiative to come in and meet with me, and do the work to plan, the couple was empowered to leave a legacy that reflected the balance and fairness they intended.

Meeting with your BC Notary can potentially save your family tens of thousands of dollars, as well as the anguish of making a costly mistake. I recall one family who had “armchair advice” from friends about adding a child to title to avoid a probate fee and “simplify” the estate. That couple came in to see me years later, saying they were grateful they had consulted me and followed my advice not to add their child to title but rather to organize the distribution of their estate through their Wills.

As it turned out, their child ended up in a nasty divorce and the value of the property had increased by over $500,000. Having professional advice kept their property from being tied up in an acrimonious divorce. When the parents sold the property during that time, they saved an approximate $100,000 in capital gains tax that would have been payable if the child had been on title. 

The many, many clients with whom I have worked over the years express their satisfaction once their estate planning documents are done and off their New Year’s Resolution list. Today after I completed a Will file, the clients shared that facing the task had been paralyzing—and how good they felt working with me to accomplish their goal! 

When you meet with your BC Notary to get advice and to get your estate planning documents in place, you will have the relief of 

• knowing guardians are in place for minor children;
• eliminating panic of implementing a temporary Will or Power of Attorney before an unexpected trip or a medical emergency; and
• creating a Representation Agreement document that enables the family to intervene and advocate for your health care if you need help!

Contact your BC Notary today so you can enjoy the empowerment of being organized and having your wishes in correct legal order.

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Notary TAMMY MORIN NAKASHIMA, REIBC, is a former President of The Society of Notaries Public of BC who has practiced in Richmond for over 29 years.
 

Posted in Personal Planning