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Single and childless Canadians must name estate executors

Experts almost always start estate planning conversations with questions about children, grandchildren or spouses. However, for many single and childless British Columbia residents, this type of estate advice is likely unhelpful. These individuals face unique challenges in naming executors and preparing a will. There are a few tips that can help with this process.

Like all aging Canadians, single and childless British Columbia residents should prioritize the development and formal signing of end-of-life documents. It is important for these individuals to put care into picking and naming trusted executors to carry out financial plans and wishes. Powers of attorney should also be selected in case decisions related to property or health arise.

Those without children have to make a personal decision about where to leave any remaining assets. Many choose to leave money to charity, extended relatives and even pets. Those considering charitable giving for their estate may consider giving the money over time for an income tax credit rather than leaving a lump sum when they pass away. However, these decisions are all very personal, and an individual's financial situation and values will ultimately inform the choices.

According to recent studies, between one half and two thirds of Canadians do not have a will. This can cause problems for anyone, but is particularly important for those without a spouse or children. Naming executors is particularly key as someone should be responsible for carrying out last wishes. Those who have been named an executor and are looking for legal guidance can rely upon a British Columbia lawyer with experience in wills and estates law.

Source: metronews.ca, "Legacy strategies for singles and the childless", Talbot Boggs, Accessed on Nov. 10, 2017

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