Settling Estate Assets Through your Will

As many of you know, I have produced a variety of articles and presentations on the shortcomings of settling financial assets through your Will. However, there is nothing like a real-life situation to substantiate a point of view.

An article from the Vancouver Sun illustrates one of the many risks of settling estate assets through your Will:

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To summarize the article, a BC judge overturned a Will that left 93% of the estate to their sons and 7% to four daughters.

This ruling was made under the Wills Variation act, which empowers Judges, to amend the settlement of estate assets through a Will if they feel it is inequitable and unfair.

The purpose of my article is not to question the Variations Act or the Judge’s decision but to make you aware that your Will, in certain circumstances, can be legally challenged which may materially alter the disposition of your Estate assets to beneficiaries.

Even if your Will stands up to a challenge, the legal costs and stress to beneficiaries will greatly reduce the value of your final gift.

The solution: incorporate, where appropriate, financial strategies that will provide you with living benefits and bypass the Will / Probate process to settle your estate assets directly, quickly and privately to your beneficiaries when you pass.