Based in Kelowna British Columbia, Maio Law firm provides legal services for singles or couples will creation, estate planning and power of attorney for personal care. Maio Law assists wills and estate clients throughout Kelowna, Lake Country, and surrounding area.
Maio Law Firm will assist with unique estate planning needs, offering following services:
Essentially, estate planning is the transferring of an individuals assets that have accrued over one's lifetime to the next generation upon one's death. Effective estate planning aims at reducing the costs associated with the transferring of assets upon their disposition to the next generation.
Maio Law can assist with this process, including the following services:
A Will is a written and executed document created by an individual which disposes one's property on death.
To be valid in British Columbia, the will must be either:
When an individual dies without a Will they are said to have died intestate. In these circumstances the Succession Law Reform Act dictates how an individual's property will be distributed.
When an individual dies having drafted a valid Will, they are said to have died testate.
This can also be referred to as Probate and Non-probate Wills or Primary and Secondary Wills.
It is possible to minimize probate fees payable by an estate with proper utilization of a Primary and Secondary Will. Assets that require a Certificate of Appointment of Estate Trustee will be within the Primary Will, while assets that do not require a Certificate of Appointment of Estate Trustee will be in the Secondary Will. Proper planning and consideration is necessary, if an asset that requires a Certificate of Appointment of Estate Trustee is within the Secondary Will, the entire Secondary Will shall be subject to probate.
Joint ownership of property can greatly assist in minimizing the amount of tax your estate pays. In most circumstances, where an individual has joint ownership of "property", they are deemed to have disposed of it immediately prior to their death. Examples of such assets are: insurance payable to a named beneficiary, assets where there is joint ownership with right of survivorship and real estate outside of British Columbia. Where an individual holds "property" in this manner, the value of said "property" is not included in the value of the estate.
Estate administration tax is payable on the total value of the deceased person's estate. Visit this link for a useful tool to help estimate the tax on an estate.
The total value of a deceased person's estate is the value of all assets owned at the time of death, whether it be:
Encumbrances against any assets other than real estate cannot be deducted from the value of the assets.
The current tax rates are:
Note: There is no estate administration tax payable if the value of the estate is $1,000 or less.
The estate administration tax is calculated on the total value of the estate. For example, for an estate valued at $240,000 the tax would be calculated as follows:
For a total of $3,100 ($250 + $2,850) payable to the Minister of Finance.
This legal document, along with a "Power of Attorney for Property", is likely more important than a person's Will, as they deal with situations where the "grantor" is still alive, so their Will does not come into effect, but the "grantor" is incapable of making decisions on their own. To illustrate the point more clearly, if you do not have this document and you end up in a coma, it is likely that most banks or hospitals will not take instructions or provide information to your loved ones.
A "Power of Attorney for Personal Care", often referred to as a "Living Will", is a document that authorizes an individual or individual's to make personal care decisions for them, in the event they become incapacitated or incapable. Personal care decisions can include: medical treatment decisions, whether it be therapeutic, preventive, palliative, diagnostic, cosmetic, or other health-related purpose; decisions about nursing homes or care facilities; decisions about nutrition and hygiene; decisions regarding safety; and other related areas. A properly drafted "Power of Attorney for Personal Care" does not come into effect until the grantor is deemed incapable of making decisions for themselves
There are some limitations on who can act as a "Power of Attorney for Personal Care" so be sure to properly review who you are appointing with your lawyer. Remember, the person you are appointing is going to have to make difficult decisions, if the document ever needs to be relied upon, so choosing the right person to fill the shoes of the "Attorney for Personal Care" should be well thought out. The appointing individual will need to exercise their powers diligently and in good faith and should keep a record of all the decisions.
Conditions: Legal fees quoted above are for the work involved with a standard Will with Powers of Attorney. For individuals with sophisticated or complex estates, more than one Will maybe necessary, a Primary and Secondary Will, to minimize estate administration taxes payable by your estate. The fees quoted above do not include Estate or Tax planning. Fees are subject to change based on market conditions without notice. Legal fees quoted do not included unforeseen complications that may arise. Should unforeseen complications arise you will be notified, hourly rates start at $300.00/hour.