A complex area of law.

Planning for the distribution of your assets after you pass away is a critical part of estate planning. A properly drafted will can ensure that your wishes are carried out, and your loved ones are provided for. However, wills and estates law in British Columbia (BC) is a complex area of law. It is essential to understand the laws governing wills and estates in BC to ensure that your estate plan meets your wishes and that your loved ones are adequately provided for after your passing. Working with Origin Law Group can provide the guidance and expertise you need to create a plan that meets your needs.

The first step is booking a consultation so we can discuss your situation and see how we can help.

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Drafting a Will

We can help you draft a will that reflects your wishes and is legally valid. We can provide guidance on how to divide your assets, how to appoint an executor, and how to create trusts for minor beneficiaries or individuals with special needs.

We can help you create a comprehensive estate plan that includes more than just a will. We can advise you on how to minimize estate taxes, how to transfer assets to beneficiaries, and how to designate guardians for minor children, and how to create a tax effective family trust. We can also assist with the creation of powers of attorney and representation agreements, which provide legal authority for individuals to make financial or medical decisions on your behalf if you are unable to do so.

Estate Planning

When creating an estate plan, it is important to consider the tax implications of your decisions. In Canada, there are several taxation issues that can arise in relation to wills and estates. Understanding these issues can help you make informed decisions and minimize your tax obligations.

Estate Administration Tax

Estate administration tax, also known as probate fees, is a tax that is levied on the value of an estate when the executor applies for probate. The tax rate varies by province, but it can be up to 1.5% of the value of the estate. In some provinces, there are exemptions for small estates or for estates passing to a surviving spouse.

Capital Gains Tax

Capital gains tax is a tax on the increase in value of an asset when it is sold or transferred. In the context of estates, capital gains tax can be an issue if the estate includes assets that have increased in value since they were acquired. When these assets are transferred to the beneficiaries, the estate may be subject to capital gains tax. However, there are several strategies that can be used to minimize or defer this tax, such as using the capital gains exemption or transferring assets to a spousal trust.

Estate Income Tax

Estate income tax is a tax on the income earned by an estate during the administration process. This tax is separate from the personal income tax that may be owed by the deceased individual. The estate income tax rate is the same as the personal income tax rate, and it is payable by the estate.

RRSP/RRIF Taxation

Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are popular vehicles for saving for retirement. However, these assets can create tax issues for estates. When an RRSP or RRIF holder dies, the funds are typically included in the estate and taxed as income. However, there are strategies that can be used to minimize or defer this tax, such as designating a spouse as the beneficiary or transferring the funds to a qualifying beneficiary.

Estate Administration

After someone passes away, the process of administering their estate can be complex and time-consuming. We can help the executor of an estate navigate this process by providing guidance on the legal requirements, including obtaining probate, preparing tax returns, and distributing assets to beneficiaries. We can also provide representation in case of disputes between beneficiaries or creditors.