Securing the future of your children through your will

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Victoria: While it’s important for all adults to have a valid will, it’s particularly important for parents to make decisions about guardianship and distribution of assets that will affect their children’s future, should the parents pass away.

Guardianship determines who will care for minor children after their parents die. In most cases, parents appoint a close family member or friend to be the guardian and, occasionally, two guardians might be appointed.

Other important decisions are needed around the division of assets, such as property and money. There are a number of options to consider and a lawyer or notary public may assist in determining the best option for your family. For example, you can leave very detailed instructions about how much and when your child should receive their inheritance, or there may be circumstances where it works best to divide assets in equal or specific amounts, knowing that the value of assets will fluctuate over the years. A trust is another option and effective when there are expensive ongoing payments that would be unreasonable for the guardian to bear.

Now is the perfect time to make your will. A number of organizations throughout the province are hosting activities to assist people in creating or updating their will. For information on these and other resources, visit: www.ag.gov.bc.ca/make-a-will