Wills, Powers of Attorney, and Estate Planning: Why You Should Plan Now
Many people put off estate planning, thinking it’s something to worry about later in life. However, the reality is that having an estate plan in place now is one of the best ways to protect your loved ones and ensure your wishes are carried out if the unexpected happens.
Estate planning isn’t just about dividing assets—it’s about deciding who will manage your affairs, who will take care of your children, and how your financial and healthcare decisions will be handled if you are unable to make them yourself.
Even if you have a will, your estate will likely need to go through probate, which is the legal process of validating a will and granting your executor the authority to distribute your estate. Probate can be time-consuming and expensive, but there are ways to simplify or even avoid the process, such as:
Holding assets in joint tenancy – Property owned jointly with rights of survivorship automatically transfers to the surviving owner without going through probate.
Designating beneficiaries on financial accounts – Many bank accounts, insurance policies, and investment accounts allow you to name a direct beneficiary, bypassing probate.
Creating a trust – A trust can help manage and distribute assets outside of the probate process.
If you want to explore strategies to protect your assets and minimize probate, consider speaking with an estate planning professional.
Final Thoughts: Protect Your Legacy
You’ve worked hard to build financial security—don’t leave important decisions about your estate to chance. Estate planning ensures that your wishes are respected, your loved ones are taken care of, and your assets are distributed according to your intentions.
Whether you need a will, a power of attorney, or an entire estate plan, taking action now can provide peace of mind for the future. If you’re unsure where to start, reach out to an estate planning professional who can guide you through the process.
By planning today, you’re securing your legacy for tomorrow.
MARCH 13-16, 2025 | BC Place Stadium
I will have tickets again for the BC Home and Garden Show. stay tuned on how to get tickets…
Essential Estate Planning Documents
A comprehensive estate plan includes more than just a will. Here are the key documents you should consider:
1. Will
A will is the cornerstone of any estate plan. It outlines how your assets will be distributed, who will manage your estate, and, most importantly, who will become the guardian of your children if needed. Without a will, these critical decisions may be left to the courts.
2. Power of Attorney
A power of attorney allows you to designate someone you trust to handle your financial affairs if you become unable to do so yourself. This ensures that your bills are paid, your investments are managed, and your financial well-being is protected.
3. Representation Agreement
A representation agreement allows you to appoint someone to make personal and healthcare decisions on your behalf if you become mentally or physically incapable. This document is crucial in ensuring that your healthcare wishes are followed.
4. Advance Care Plan
An advance care plan is a written document outlining your healthcare wishes and instructions for future medical care. It may include:
A power of attorney for financial decisions
A representation agreement for healthcare decisions
An advance directive specifying what kind of medical treatment you do or do not want in certain situations
Having an advance care plan in place helps ease the burden on loved ones, ensuring they know your wishes and can advocate for your best interests.
Fraser Valley’s decade-high inventory could open doors for buyers.
SURREY, BC — Growing inventory and stable prices could lead to opportunities for buyers in the Fraser Valley market this winter despite uncertain economic conditions.
Newly listed homes jumped 167 per cent from December to January, with 3,432 listed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®). At 7,251 active listings, inventory is at a 10-year seasonal high, 54 per cent above the 10-year average.
While sales remained slow in January, with 818 properties sold (down 18% from December), the combination of stable prices and abundant selection presents potential opportunities for buyers to get back into the market.
The sales-to-active listings ratio appears to bear this out. At 11 per cent, the overall ratio is signaling a buyer’s market, with detached homes firmly in buyer’s market territory. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.
It took longer to sell homes in January compared to December. Across the Fraser Valley, the average number of days to sell a single-family detached home was 52, while for a condo it was 42. Townhomes took, on average, 38 days to sell.
Benchmark prices in the Fraser Valley held relatively steady in January, with the composite Benchmark price down 0.03 per cent to $964,800.
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If you have any questions feel free to reach out. I am here to help:
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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