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WILLS AND ESTATES FUNDAMENTALS

WILLS AND ESTATES FUNDAMENTALS 2025

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The document 'Wills and Estates Fundamentals for Legal Support Staff' provides a comprehensive guide on working with the Probate Registry in British Columbia. It outlines the roles and responsibilities of the registry, key rules and acts governing probate processes, common issues encountered in applications, and procedural advice for legal support staff. The document includes flow charts for grant applications, checklists for probate and administration, and information on electronic court services.

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What is the biggest mistake with wills?

14 common mistakes to avoid when writing a will The will was incorrectly witnessed. Asking a child or partner to be a witness. Having an out of date will. Making changes to your will after it has been signed. Forgetting Assets. Failing to appoint guardians. Excluding any step-children. Being too specific.

What is the golden rule when making a will?

The Golden Rule exists to protect the vulnerable and to prevent undue influence or coercion in the making of a will. In the case of aged or ill individuals, their mental state may be fragile, making them susceptible to external pressures or manipulation.

What is the 3-year rule for a deceased estate?

The purpose of the deceased estate 3-year rule is to provide the estate executor or beneficiary sufficient time to manage and distribute the estates assets. It is important to note that this rule is conditional; for example, the property cannot be used to generate rental income during this three-year period.

Whats the catch with a free will?

A free Will may not meet your needs and could possibly not fully protect your family or assets. A basic free Will will on the whole, not take into account well-known threats that a bespoke or full Will covers.

What is the 5 and 5 rule in estate planning?

The five or five power is the power of the beneficiary of a trust to withdraw annually $5,000 or five percent of the assets of the trust.

What mistakes do people make with their wills?

One of the biggest mistakes people make with their wills is not executing it properly. Typically for your will to be valid, you need to sign your will in front of two witnesses, who also sign it. After you pass away, your witnesses may be called to court to confirm that the will was truly yours.

What should you not put in your will?

8 Critical Elements You Should Never Put in Your Will Funeral Instructions. Assets Held Jointly. Beneficiary Designations. Illegal Gifts and Requests. Temporary Provisions. Personal Feelings. Property in Living Trusts. Specific Details on Small Personal Items.

What is the 5 or 5 rule in estate planning?

Its a provision in the trust that grants a beneficiary the annual power to withdraw the greater of $5,000 or 5% of the trusts assets, while avoiding certain negative tax consequences (which are beyond the scope of this post) that might otherwise be applicable if the withdrawal right were exercised outside of those

WILLS AND ESTATES FUNDAMENTALS 2025

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