CPABC in Focus July/August 2015 | Page 22

Wills, Thrills, and Chills – Changes to Wills and Estates Law in British Columbia By Colin S. Ritchie, LL.B., CFP, CLU, FMA Colin S. Ritchie is a lawyer and financial planner based out of Vancouver. The original version of this article appeared on his blog at colinsritchie.com. G enerally speaking, wills and estates lawyers are a conservative bunch—if something has worked well enough in the past, why try something new? Sometimes, however, even this cautious group recognizes the necessity of change. Accordingly, after many years of consultation, the Wills, Estates and Succession Act (WESA) became the law of the land in the spring of 2014, consolidating numerous other pieces of legislation into a single act meant to make life simpler, fairer, and more predictable. Changes under WESA Aside from a) consolidating many different pieces of legislation into a new act written in plain language and b) streamlining the probate process, WESA has led to several other significant changes, including the following: Wills no longer revoked upon marriage Before WESA, your Will (capitalized throughout this article for clarity) was deemed void upon marriage unless it contained a statement indicating that it had been drafted “in contemplation of [said] marriage.” This meant that the intestacy rules applied if the “Will maker” (the new term for a testator or testatrix under WESA) failed to update their Will prior to death. Finally, something both sides of your brain can agree on. ©2015 Mercedes-Benz Canada Inc. Shown above is the 2015 C 400 4MATIC™ with optional Sport package and optional Active LED High Performance Lighting System. CPABC members receive a fleet discount. For more information, call Randall DesBrisay at 604-351-5290 or email [email protected] Mercedes-Benz Vancouver 550 Terminal Avenue, Vancouver D#6276 Mercedes-Benz Boundary 3550 Lougheed Highway, Vancouver D#6279 Mercedes-Benz North Shore 1375 Marine Drive, North Vancouver D#6277 Mercedes-Benz Richmond 5691 Parkwood Way, Richmond D#6278 Mercedes-Benz Surrey 15508-104 Avenue, Surrey D#11013 22  CPABC in Focus • July/August 2015 FILENAME 2015-06-1775-MB-June-C-Class Fleet-CPABC Ad.indd CLIENT Mercedes-Benz TRIM CREATION DATE Nov 17, 2014 BLEED INTERNAL REVISION 7.5" x 4.75" CLIENT REVISION OPERATOR 1 1 RH C M Y K CPABC In Focus Material: June 12, 2015 Insertion: July/August, 2015