Planning your estate is an important process. It gives you the opportunity to organize your affairs for your own welfare late in life, and to make provisions for loved ones. Estate planning has several individual components that are best discussed with legal counsel who can guide you through the right tools to meet your individual objectives.
Laughlin & Company Lawyers Mediators is a law firm in Port Coquitlam, with lawyers offering estate planning services of the highest quality for clients. Fundamentally, we want to give you the ease of knowing your affairs are in order now and for the future.
Putting Together An Estate Plan
Your estate plan has several different parts. They cover where your assets will go during your life and upon your passing. Most people also assign trusted individuals to speak for them in the event they become incapable of making their own decisions. An estate plan in British Columbia, therefore, usually includes the following legal documents:
- Will, which identifies how assets will be distributed when you pass on. It can also cover other issues such as guardianship of children.
- Trusts, such as alter ego or spousal trusts, which allow for access to funds during life and the passing of funds to a beneficiary after death without probate or succession duties.
- Estate freezes and corporate reorganization to provide for intergenerational transfers of family businesses.
- Representation agreement, which appoints someone to make your financial, legal, health and personal care decisions in the event of your incapacity.
- Power of attorney, which appoints someone to make your financial and legal decisions. This ends when you become mentally incompetent unless you have signed an enduring power of attorney.
- Living will or advance directive, which outlines your wishes for your health and medical care in the event you are unable to express them.
These documents have distinct functions and can all play an important role in your estate plan. At Laughlin & Company, we see estate planning as a rather simple process of sitting down with you and understanding what you need. Once we have a sense of your personal and legal objectives, we can recommend the right estate planning tools for you.
To make an appointment to meet with our counsel about your estate needs, call the firm at 604-239-0800 or get in touch online. Laughlin & Company serves the Tri-Cities municipalities of Poco, Port Moody and Coquitlam, and areas throughout the Lower Mainland.