Wills & Estates

Kelowna BC Wills and Estates

Consult with Kelowna BC Will Lawyer & Estate Planner

Based in Kelowna British Columbia, Maio Law firm provides legal services for singles or couples will creation, estate planning and power of attorney, advance directives, and representation agreements. Maio Law assists will and estate clients throughout the Okanagan including Kelowna, Lake Country, and surrounding area.

Call Now For A Consultation: (778) 760-0017

Why Create A Will or Powers of Attorney?

Purpose of Estate Planning

Maio Law Firm will assist with unique estate planning needs, offering following services:

  • Will drafting - Multiple Wills (Probate and Non-Probate), Mirrored Wills;
  • Drafting of Living Wills and Medical Directives and naming Powers of Attorney;
  • Establishing Trusts.​

What is Estate Planning?

​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:

  • Compiling your assets whether real property or personal, pensions, stocks or similar investments such as RRSP's, RRIF's RESP's, and insurance benefits;
  • A list of any liabilities or debts that you may have;
  • Implementing a plan and objective personal to your needs and wishes so that in the event of your death your loved ones will be taken care of;​
  • Tips for reducing conflict between the executor(s) and beneficiaries of your estate upon your death;​
  • Assisting with drafting effective Living Wills and appointing Powers of Attorney who can manage financial or health concerns in the event of mental incapacity.​

What is A Will?

A Will is a written and executed document created by an individual which disposes one's property on death. ​

Validity

To be valid in British Columbia, the will must be either: ​

  • A holograph Will (handwritten and signed by the testator;​
  • Or a document that is drafted and witnessed by two persons who are not beneficiaries under the Will or married to a beneficiary under the Will.​

Testate VS Intestate

​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.

Multiple Wills

​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

​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.

Calculating Estate Administration Tax

Estate administration tax is payable on the total value of the deceased person's 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: ​

  • Real estate in British Columbia (less encumbrances)
  • Investments (e.g., stocks, bonds, trust units, options)
  • Vehicles and vessels (e.g., cars, trucks, boats, ATVs, motorcycles)
  • All property of the deceased which was held in another person's name
  • All other property, wherever situated, including:
    • Goods
    • Intangible property
    • Business interests, and
    • Insurance, if proceeds pass through the estate, e.g., no named beneficiary other than 'Estate'

Encumbrances against any assets other than real estate cannot be deducted from the value of the assets.​

Estate Tax Rates

The current tax rates payable where the estate exceeds $25,000 are:​

  • $6 for each $1,000, or part thereof, of the first $50,000 of the value of the estate, and
  • $14 for each $1,000, or part thereof, of the value of the estate exceeding $50,000

Note: There is no estate administration tax payable if the value of the estate is $25,000 or less.​

Sample Calculation

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:​

  • $6 per thousand for the first $25,000 to $50,000 of the estate
  • $25,000 ÷ $1,000 = 50
  • 20 X $6 = $150

Plus

  • $14 per thousand for the remaining $190,000 of the estate
  • $240,000 - $50,000 = $190,000
  • $190,000 ÷ $1,000 = $190
  • $190 X $14 = $2,660.00

For a total of $2,810.00 ($150 + $2,660) payable to the Minister of Finance.


 


WILLS AND ESTATES

Will

Starting at $499.00 and up

  • One Individual
  • Will Intake meeting
  • Drafting Session with Lawyer;
  • Will Signing Meeting

Couple

Starting at $900.00 and up

  • Both spouses
  • Two Primary Wills
  • Will Intake meeting
  • Drafting Session with Lawyer
  • Will Signing Meeting

Powers of Attorney For Property

$175.00

  • One Individual
  • One Power of Attorney for Personal Care
  • One Power of Attorney for Property
  • Meeting with Lawyer

Advance Directive ("AD") / Representation Agreement ("RA")

AD: $175 / RA: $375

  • One Individual Advance Directive or Representaiton Agreement
  • A variety of uses may exist which makes this document fact specific
  • Meeting with Lawyer

Conditions: Legal fees quoted above are for the work involved with a standard Will, Power of Attorney, Advance Directive, and Representation Agreement. 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.

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