The Province of British Columbia has declared this week to be “Make-A-Will Week”, with the intention of informing its population of the new Wills, Estates and Succession Act. The new Act came into force on March 31st 2014, and seeks to refine estate planning and make it easier to understand for all.
45% of British Columbia’s residents are currently without a will, but even those with a will may want to familiarize themselves with the new Act.
The purpose of the new legislation is to combine seven existing Acts, including the BC Wills Act, Wills Variation Act, Probate Recognition Act, and Estate Administration Act. Additional changes include adjustments to the minimum age that an individual has to be when creating a will (lowered to 16 years of age).
Most importantly, it provides the Courts with new authority to accept non-compliant documents as wills. This has far reaching implications, as even electronic records can be considered when determining what a deceased’s intentions were. Additional guidelines surrounding the process of inheritance when an individual passes away without leaving a will have also been introduced, resulting in the spousal share being increased.
While this new legislation does not invalidate any will that was created prior to March 31st 2014, BC residents with existing wills may want to have their existing will reviewed to ensure that it is not negatively impacted by laws that govern the interpretation of these documents.
For full details on the new Wills, Estates and Succession Act, click here.