Personal Planning: Wills, Powers of Attorney, and Health Care

Personal estate planning presents a unique opportunity to achieve a client’s personal priorities by developing tools that weave together legislative requirements, risk tolerance, tax planning opportunities, and charitable aims.

The repertoire of mechanisms most commonly used include:

• Wills, including multiple will planning to minimize probate fees and jurisdictionally specific wills to streamline the estate process if assets are owned outside British Columbia
• Will substitutes, such as joint partner and alter ego trusts
• Joint assets, taking into account the operation of rights of survivorship and resulting trusts
• All forms of powers of attorney, including enduring powers of attorney and powers of attorney with expanded powers, such as to allow gifting or maintenance for the benefit of those who might be dependent on you and to allow for business reorganizations and dealings
• Health care tools, such as representation agreements, advance directives, and nominations of committees
• Committeeship applications, which are most commonly used when a person is no longer capable and does not have a valid power of attorney and/or representation agreement