The first document you should make in your planning.

Assets of most people who fail to make Wills end up going to persons they probably would not want.

In a Will, you appoint a person (Executor) to manage your Estate and you state to whom your assets will go.

This is very important for four family.

While you are alive, you may lose your ability to manage your assets.

It can result from your being out of town, being in hospital for a procedure, or being incapacitated.

It is critical to appoint someone to not only look after your assets but maybe also to sell your property if you can no longer live in it.

While you are alive, you will manage your health care. However, if you lose your ability to do so, you can appoint someone to do it.

A Representation Agreement has become extremely important in the effort to properly mange your end of life plan as well.

If someone in your family has not made a Power of Attorney or a Representation Agreement and can no longer manage themselves or their financial affairs, a person needs to apply for a Court Order appointing them or someone else, to do the managing.

This is a lengthy process and it involves getting Doctors’ affidavits confirming the medical inability to manage the person and her or his finances.

The Public Guardian & Trustee of B.C. will be involved in the process. It is an expensive but necessary process.

When a person dies, their Estate, legally speaking, is born.

The Will, if there is one, will need to go to Probate if the deceased person owned assets.

If there is no Will, someone (usually a family member) needs to apply instead for a grant of Letters of Administration.

This is an expensive, time consuming process, especially if somebody chooses to oppose the application or wants a variation of the Will.

You need to get advice.

If you are a lender and have registered a mortgage over property to secure your loan, mortgage payments sometimes fall into arrears.

If that happens, you need to consider whether to foreclose.

A foreclosure is typically a lengthy process and it can be expensive.

Depending on the existing level of activity in the real estate market, it will be quick or it will be lengthy to sell the property.

At minimum, as a lender you should get advice as to what the process will involve.

If, on the other hand, you are a borrower, in a foreclosure situation you stand to lose your home.

It is therefore important to get professional advice as to your options, especially if you want to remain living in your home.