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WHAT IS THE WILLS VARIATION ACT?
In a nutshell, the British Columbia Wills Variation Act is the statute which permits a surviving spouse or children to contest a will on the basis that it does not make adequate provision for the claimant. The class of eligible claimants includes the surviving spouse, common-law spouse, same-sex spouse and both the natural and adopted children of the deceased.
Using insurance contracts with products like segregated funds, GICs, or annuities in your estate plan can be hugely beneficial for many reasons.
Named beneficiaries through an insurance contract will normally bypass probate, therefore save on probate fees. Probate and estate administration fees can be as much as 1.5% of the overall estate and, during probate, assets are frozen. When you name a beneficiary, you bypass probate and also relieve your family and your executor of the potential burden of a lengthy and complicated process. It is worth noting, a will is a public document once it has been probated. So for people that want their wishes kept private, they may not want all of their assets transferring through their will.
WHAT IS AN ANNUITY?
An annuity is a financial product used as an income stream. An annuity settlement can be set up to ensure your loved one receives a lifetime income as opposed to a lump sum. Different allocations can be used for different beneficiaries— confidentially.
Investing through segregated funds gives you growth potential while protecting the value of your investment with maturity and death benefit guarantees. Alternately, something as simple as setting up a GIC through insurance contracts gives you the ability to name beneficiaries and avoid probate.
No matter how simple or complicated your situation, meeting with a Certified Financial Planner and discussing your options can help ensure that those wishes become reality with ease
Dale and her team are just a call away! Book an appointment at 250-744-3301 or visit the Prosperity Planning portal listing here on GoWestShore.