BC Estate Planning Lawyer - What is an Estate Plan?

Описание: What is an Estate Plan?
Patrola Law Corporation
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Hi I'm Sundeep Gill, your estate planning lawyer from Patrola Law. I want to talk to you today about "What is an Estate Plan?".

A basic estate plan usually consists of a will, a power of attorney and some sort of health care management agreement usually a representation agreement or an advance directive. We'll go in-depth to all these topics in later videos.

An estate plan can also include things outside of your will such as the movement of property into joint tenancy to avoid probate fees.

The key goal of any estate plan is to minimize probate fees. Everything that goes through your will is going to be charged a fee of about 1.4% of the value of everything in your will.

If you're transferring real estate through your will and you have real estate someplace expensive like Vancouver, that can mean a huge expense. A proper estate plan aims to minimize these probate fees.

The second element of a proper estate plan is to make sure the proper person gets the right gift. People can challenge a will through something called the Wills Variation Claim.

A Wills Variations Claim let's a beneficiary feels like they're not getting enough, actually apply to the courts to set aside a gift or to vary something in the will.

A trust can prevent that kind of thing from happening. Trusts can also be used to make sure beneficiaries who are a little bit less abled to fend for themselves, can be taken care of.

We'll discuss these topics in future videos. Thank you for listening.

Feel free to give us a call at the number shown on the screen if you want to discuss further. In the next video we will discuss "What is a Will?"

#estateplanning #wills #estates #estatelawyer #law #bclaw #trusts #probate #vancouver #surreybc #patrolalaw
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Patrola Law Corporation
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