Have you been putting off getting your Will or Power of Attorney drawn up? You may not have known that in the Province of British Columbia a Notary Public can help you with both of these documents in many situations.
Here are some basics about why you need a Will and a Power of Attorney, what types of Wills a BC Notary can and cannot prepare, and some tips for preparing for your Will interview:
Why Do I Need A Will?
A Will is a legal document that outlines what is to happen upon your death. Without it, the courts will decide how money and property will be distributed, and it may not be what you want. A Will also appoints a guardian who will care for your minor children upon your passing.
It’s also a great way to ensure your family is taken care of. When a loved one passes, it can be a stressful time when emotions run high. Family may fight over money and property, or those close to you may struggle financially without your support.
A Will is like a gift to your family. Will outlines everything that happens upon your passing and helps to ensure that property and money are promptly transferred to the appropriate beneficiaries.
How is a Power of Attorney different?
A BC Notary can help you prepare a Power of Attorney (POA). A POA assigns an Attorney, someone you appoint to make certain financial or legal decisions on your behalf in case of incapacity or illness. This is likely to be a spouse, a parent or a close family member whom you trust to act in your stead.
There are two main types of POAs:
There are many rules in place regarding when the POA will take effect, how long it lasts, and what powers your representative can have. A Notary can explain the differences to you.
What kinds of Wills can a BC Notary Public draw up?
Notaries in British Columbia can draft most standard Wills. However, they must meet certain conditions:
So for in most situations, a Notary can draft your Will as long as it does not create trust for an adult. Let’s look at these exceptions and limitations below.
Limitations for using a BC Notary to draft your Will
Notaries can not prepare a Will that:
Grants a life estate in the property
This is where you assign a beneficiary to use and live on your property for the duration of their lifetime. Upon the beneficiary’s death, the property is distributed to the ultimate beneficiary of the estate.
Contains a trust for an adult
This is when you assign a trustee to manage a property for the benefit of your adult beneficiary, for example, until your child reaches the age of 25. The trustee holds the title on behalf of the beneficiary.
Contains a disability trust or fully discretionary trust
If your beneficiary has a disability, any inheritance may affect their eligibility for provincial disability benefits. With this stipulation in your Will, a trustee has discretion as to what gets paid to the beneficiary and for what reasons.
Contains a spousal trust
This is common for larger estates, when your spouse lacks financial experience, is ill, incapacitated, or has children from a previous marriage. In this kind of trust, the estate provides income for the spouse until their death, and at which time, it will pass to the children or grandchildren.
How much does using a Notary Public for drafting a Will cost?
Despite what many people may think, the cost to have a lawyer or a Notary Public prepare your Will is fairly similar. Pricing is often dependent on the particular lawyer’s or Notary’s experience and the complexity of the Will. Having said that, for simple Will preparation, Notaries tend to be less expensive.
For example, at Mount Pleasant Notary a standard simple Will costs $375.00 and a simple Power of Attorney document costs $250.00 (when appointing one Attorney).
How to prepare for your Will appointment
Preparation helps you to prepare your Will faster. Here is some information you should bring to your first Will appointment with your Notary:
Your notary will ask you relevant questions, so it helps if you come prepared by knowing:
How do I get started?
If you are ready to make sure your family is cared for upon your passing, make sure you have a legal and updated Will. It is the peace of mind your family deserves when settling your estate in a way that respects your wishes.
A BC Notary can help you prepare this important document. To get started with a Notary Public at Mount Pleasant Notary, call us at (604) 416-0154 or email us at nik@mtpleasantnotary.ca.
Social and Newsletter
Did you know that a Notary Public can assist with your Will and Power of Attorney preparation? Learn what types of Wills a BC Notary can create in our recent article: https://www.mtpleasantnotary.ca/notary-public-or-lawyer.php
The best way to ensure that your family is taken care of upon your passing is by having a legal Will. Learn more about why you need a Will and how a BC Notary can draft it for you: https://www.mtpleasantnotary.ca/estate-planning.php