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Last updated: September 2019

Vancity Estate and Financial Planning

Will and Estate

planning guide

Last updated: September 2019

Table of contents

Vancity Will and Estate planning introduction .................................................1

We’re here to help .......................................................................1

I. Will and Estate planning ................................................................... 2

A. Key documents in your estate plan .................................................... 2

Your will ............................................................................ 2

Enduring power of attorney .......................................................... 2

Representation agreement – health care decision making ............................... 2

B. Planning your will .................................................................... 3

Why you need a will ................................................................. 3

Who can make a will ................................................................. 3

Choosing an executor ................................................................ 3

Professional estate administration ..................................................... 3

How to distribute your estate ........................................................ 4

Charitable donations ................................................................. 4

Testamentary trusts .................................................................. 4

Guardianship of children ............................................................. 5

C. What happens if you die without a will? ............................................... 5

II. Executor and probate fees .............................................................. 7

A. Executor fees ....................................................................... 7

B. Probate fees ........................................................................ 7

III. Other estate planning issues ............................................................8

A. Taxes on death ......................................................................8

B. Assets that can be dealt with outside of your will ......................................8

C. Trusts ............................................................................... 9

Discretionary trust – providing for a disabled child .....................................9

Alter ego and joint partner trust ......................................................9

D. Are you a us person? .................................................................10

E. Are you a first nations citizen? ........................................................10

IV. When you are unable to help yourself ...................................................10

A. Enduring power of attorney ..........................................................10

Advantages of an EPOA ..............................................................10

Disadvantages of an EPOA ............................................................11

General powers to be aware of .......................................................11

Restrictions to powers to be aware of .................................................11

B. Representation agreement ...........................................................11

Standard agreements ................................................................11

Enhanced agreements ................................................................12

Pre-september 1, 2011 representation agreements .......................................12

Who can act as a representative? .....................................................12

C. EPOA or RA? ........................................................................13

D. Advance directive ...................................................................13

V. Glossary of terms ......................................................................14

VI. Estate planning forms ..................................................................16

Vancity Will and Estate planning introduction

Estate planning should be an essential part of your ongoing financial planning. It helps ensure that you have

named trusted and capable decision makers, that your affairs are in order when you can no longer manage

your finances or make personal decisions on your own, that things are made easier for those you care about,

and

that your estate is distributed to the people or organizations of your choice.

Vancity’s Financial and Estate Planning team is here to help facilitate the process of creating and implementing

an appropriate estate plan by providing advice, information, and resources, such as this Will and Estate Planning

Guide. The information contained in this guide will provide you with an overview of the planning process, a

summary of the key documents that will make up your plan, and an understanding of how Vancity can help you

through every stage.

We’re here to help

It may be advisable to appoint as executor and trustee a professional who is neutral and has the knowledge,

systems, and expertise to manage the estate and trust, rather than to burden a friend or family member who

may not have the time, desire, or knowledge to act when needed. We can review your estate needs with you to

help you decide on the most appropriate choice for you.

If the need for a professional corporate trustee is identified, Vancity can offer that service through our strategic

partnership with Concentra Trust – a Canadian financial cooperative with more than 60 years experience

delivering personal trust services and estate administration to credit union members throughout the country.

Alternatively, if you are named as executor but would like some assistance managing your responsibilities, or

have questions about the duties and liabilities that come with this commitment, Concentra Trust’s Executor

EASE program is available to help. Designed to assist executors to fulfill their role in administering an estate,

Executor EASE is a flexible, menu-based program that provides cost-effective estate support based on your

unique needs. A complimentary telephone consultation is available to executors and administrators. For more

information about Executor EASE, talk to us at 604.877.8288 or contact your Vancity Account Manager or

Wealth Planner or Wealth Advisor.

Note: Our goal is to offer current and clearly expressed information, however, Vancity does not warrant the accuracy, adequacy,

or timeliness of this information. Changes to the assumptions or facts or to any applicable laws or regulations could affect the

validity of this information. The information is not intended to be investment, legal, accounting, tax, or other advice and you

should not rely on it without seeking the advice of professional advisors to ensure your particular circumstances are properly

considered. Vancity is not responsible for loss or damage that results from reliance on this information. Contact Vancity Estate

Planning at 604.877.8288 for more information.

I. Will and Estate planning

Everyone should have an estate plan in place, complete with a will. This ensures that financial affairs are

resolved quickly after your death and that your loved ones benefit from your estate and lose as little as

possible to taxation.

An estate plan includes writing a will, choosing an executor, arranging other legal documents and representation

as needed, and in some cases, setting up trusts for a child, a disabled family member, a surviving spouse or a

charitable organization.

A. Key documents in your estate plan

The following information is an introduction to the key legal documents in your estate plan. We recommend

you consult a lawyer or a professional advisor to ensure your estate plan reflects your unique situation. Your

particular circumstances may also require additional documents, such as trusts for a spouse or financially

dependent family members.

• Your will

• Enduring Power of Attorney

• Representation Agreement – health care decision-making

Your will

There are many aspects of estate planning, but the most important document is your will. Your will does at

least two things – it appoints an executor to administer your estate and it describes how your assets are to

be distributed to your beneficiaries.

Wills are not just for the wealthy. Everybody should have a will. If you die without a will and named

executor, you have nobody with legal authority to deal with your assets, creating potential delay and

expense. In addition, provincial law sets out specific rules about how your assets are distributed if you die

without a valid will (called dying intestate). There is no flexibility, so the people for whom you want to

provide may be left out. Need we say more?

Enduring power of attorney

When you prepare your will, it is recommended that you also consider preparing an enduring power of

attorney – a legal document that appoints one or more persons or a corporation with the power and

authority to deal with your money, property, and legal affairs while you are alive. This authority continues if

you become mentally infirm and are unable to manage your affairs on your own.

An enduring power of attorney is easy to prepare. It provides an inexpensive, yet practical solution for

managing your financial affairs. An enduring power of attorney is limited to assisting with financial and legal

matters; it does not authorize the attorney to make medical, health care, or personal care decisions.

Representation agreement – health care decision making

A representation agreement is a way to appoint a trusted family member or friend to make medical, health

care, and personal care decisions for you when you are unable to speak for yourself. It’s also a way to make

sure your wishes and values will be honoured by speaking for you while you are still living. Conversely, wills

speak for you after your death. For more information on representation agreements, visit the Nidus Personal

Planning Resource Centre at www.nidus.ca.

B. Planning your will

Why you need a will

The most important part of your estate plan is a valid, up-to-date will. If you die without a will, your

administrator must distribute your estate according to provincial law, not according to your wishes. Only

with a will can you ensure that your wishes are clearly laid out. And appointing an executor in your will

assures that someone will be able to deal with your assets after your death.

The best way to create a will is to work with an expert. Many do-it-yourself will packages leave details open

to legal interpretation, so it pays to get good advice.

It also pays to have your will updated regularly by your professional advisor. Acquisition of additional assets

and a new child in the family, for example, are good reasons to keep your will current. Other changes in your

relationships may also change your will in ways you may not have anticipated.

Who can make a will

Anyone who is 16 years of age or older and who is mentally capable of doing so may make a will.

To be valid, a will must be:

a) In writing;

b) Signed at the end by the will-maker, and the signature at the end must be acknowledged by the

will-maker as his or hers in the presence of two or more witnesses at the same time;

c) Signed by two or more of the witnesses in the presence of the will-maker; and

d) The signing witnesses must be 19 years of age or older.

Choosing an executor

An executor is an individual or a corporation named in your will to settle your estate when you die. The

executor takes legal ownership and possession of your assets and is responsible for distributing assets

according to your instructions and paying your debts and taxes.

Your executor has a special duty to act in good faith for the benefit of your beneficiaries and can be held

personally liable for any mistakes that cause a loss to your estate. That’s why it’s very important to choose

an executor who can handle the responsibility and manage your estate wisely.

In some cases, you may choose to appoint more than one executor, making each party a co-executor. For

example, you may wish to lighten the administrative burden by dividing responsibilities between two parties, or

you may want your estate to benefit from the wisdom or expertise of more than one person or a corporation.

Choosing your executor or co-executor requires careful consideration. An executor must have good

judgment, strong business experience, and the ability to relate well with members of your family. They will

be required to make crucial decisions, so it is a big responsibility.

Professional estate administration

At Vancity, we can help you create an estate plan that ensures your loved ones are cared for according to

your wishes, and that your tax obligations are minimized. With our partnership with Concentra Trust, you

and your estate may also take advantage of professional executor and trustee services that serve the best

interests of your estate and beneficiaries after your death.

As your named executor, Concentra Trust can administer your estate to completion, something that an

individual executor may not be able to do. They offer the professional expertise and impartiality needed to

administer your estate efficiently, and are trained to handle personal issues with sensitivity, which reduces

the emotional stress your survivors may experience during this difficult time.

* Vancity executor, trustee and power of attorney services provided by Concentra Trust.

Together, Vancity and Concentra Trust offer a complete estate planning and estate management service that

protects the assets you’ve taken a lifetime to build, and the loved ones you leave behind.

How to distribute your estate

Distributing your estate is more complicated than simply dividing things among your heirs. You need to

determine the value of your assets from pensions, investments, real estate, and personal property. Part of

your planning is also to review how your assets may impact the amount of taxes payable by your estate

upon your death.

To determine which assets will be distributed by your will or not, you also need to know which assets you

own jointly with your spouse or others and who are the beneficiaries of your RRSPs/RRIFs, tax-free savings

accounts, and insurance policies. It also makes sense to leave behind enough liquid assets (cash, stocks, or

bonds) so that your executor doesn’t have to sell physical or family assets to pay taxes. All of these things

should be reviewed to ensure that they coordinate and fit together well in your overall estate plan.

Most people want to maximize the value of their assets and protect them from excess taxation. There are

some planning strategies that may assist you in achieving those goals. Your estate planning expert can review

your estate with you and advise you on your planning options. At Vancity, you can start with our Estate and

Financial Planning Team for help. Call us at 604.877.8288 or email: estateplanning@vancity.com

Charitable donations

Charitable donations of assets, either through your will or by beneficiary designation on life insurance

policies or RRSP/RRIFs support the work of organizations of your choice but can also help to reduce or

recover income tax that might otherwise be payable in the year of death and possibly some or all of the tax

in the year before death as well.

Donations may be made directly to specific not-for-profit organizations, such as health, educational, or

advocacy groups or societies. Or you may wish to make a donation or endowment to a charitable foundation

that distributes income from donated funds to other charitable organizations over time. The Vancity

Community Foundation can provide more information on its programs and how you can set up an ongoing

charitable fund with even a modest donation. Contact the Vancity Community Foundation at 604.877.7647.

Testamentary trusts

A testamentary trust is a trust established by a will, which takes effect on the death of the will-maker. It

can allow for the distribution of your estate or part of it to beneficiaries on specific dates or gradually over

time. It can also provide for regular periodic payments or it can give the trustee the discretion to decide

when and how much to pay to a beneficiary. Anyone considering setting up a testamentary trust should

consult with an experienced estate planning lawyer first.

Reasons for setting up a testamentary trust could include:

• To manage an inheritance from your estate until a minor beneficiary is old enough (and responsible

enough) to take control;

• To manage funds for a beneficiary incapable of managing funds on their own;

• To create a discretionary trust for a disabled beneficiary to prevent government disability benefits

from being clawed back;

• To allow your spouse to receive income during their lifetime while leaving your capital assets to your

children or another beneficiary after your spouse’s death (this technique is often employed in second

marriages); or

• To create income splitting between the trust and your estate beneficiary(ies) for tax purposes.

Note: The Federal Government has now removed the graduated tax rate for testamentary trusts (other than those with a

beneficiary who qualifies for the Disability Tax Credit) starting in 2016. However, since testamentary trusts have other purposes

than tax splitting, they can still be useful for your estate plan. An estate planning lawyer or advisor can help you determine

whether a testamentary trust is appropriate for your estate.

Guardianship of children

If you have minor children, you may appoint a guardian for them in your will. If you die without appointing

a guardian for your children under the age of 19 years, and no surviving parent has legal custody of your

children, the Public Guardian and Trustee and the Director of Child Welfare in the Ministry of Children

and Family Development become the guardians of your children. In order for a relative or other person to

become guardian of your children, that person will have to apply to the Supreme Court of British Columbia

for an order that appoints him or her as guardian.

Prior to appointing a guardian in your will, you should always consult with the person you plan to appoint

to ensure that person is prepared to assume the responsibility. As well, you should provide for alternate

guardians in case the person you have appointed is unwilling or unable to act when needed.

C. What happens if you die without a will?

If you die without a will, you are said to “die intestate” and your estate will pass to your heirs as determined

by the provincial law of intestacy. No one will be able to act for your estate with any authority until

someone applies to Court for, and receives, a grant of administration for your estate. Unlike an executor

whose authority derives from the will and takes effect from the date of death, an administrator’s authority

does not take effect immediately and is not recognized until he or she is issued the grant of administration

by the Supreme Court of British Columbia which can take several months to obtain.

Also, someone must come forward to apply for grant of administration. The priority of persons entitled to

apply is set out by the Wills, Estates and Succession Act. Probate fees are calculated on the date of death

fair market value of the estate assets and the administrator must pay the probate fees to obtain the grant of

administration.

If you die without leaving a valid will, the administration and distribution of your estate in British Columbia is

governed by the laws of the province. Without a will your assets would be distributed as follows:

If you die leaving a spouse only All to spouse

If you die leaving a spouse and

descendants

Spouse receives all household furnishings and a preferential share

of the estate as follows:

(a) $300,000 to the spouse if descendants are the descendants of

both the deceased and the spouse; and

(b) $150,000 to the spouse if all descendants are not common to

the deceased and the spouse.

If the net value of the intestate estate is less than the spouse’s

preferential share as noted above, then all to the spouse.

After distribution of the preferential share to the spouse, the

remaining residue to be distributed:

(a) one half to the spouse; and

(b) one half to the intestate’s descendants.

If you die leaving descendants but

no spouse

Equally among descendants (or descendants of descendants)

If you die leaving no descendants

and no spouse

Equally to the intestate’s parents, or to the surviving parent or to

their descendants

If you die leaving no descendants

and no spouse and no parents or

descendants of parents

Equally to the maternal and paternal grandparents or surviving

grandparents or to their children or grandchildren

If you die leaving no spouse,

descendants, parents, descendants

of parents, grandparents, or

descendants of grandparents

Equally to maternal and paternal great grandparents or surviving

great grandparents or to their children

If you die leaving no spouse,

parents, descendants of parents,

grandparents, descendants of

grandparents, great grandparents,

or children of great grandparents

All to the government of British Columbia

II. Executor and probate fees

A. Executor fees

The task of serving as an executor of a will can be complex and time-consuming. By naming a corporate

executor, such as Concentra Trust, you are assured that your executor will be ready and willing to assume

the responsibilities when you die. Concentra Trust’s trained, experienced trust professionals will ensure the

impartial, effective administration of your estate without losing sight of the sensitivity required in dealing

with these personal issues.

An executor, whether an individual or a corporate entity, is entitled to remuneration for acting in that

capacity. The Trustee Act governs remuneration to your executors and trustees unless you have specified

the amount of remuneration that they are to receive in your will or a compensation agreement is in place.

You may agree to or negotiate any fee you wish for your executor but if you don’t put something in place,

either your beneficiaries or the court will have to approve the fees proposed by your executor. If any of the

beneficiaries do not, or cannot approve, for example, minors or incapacitated adults, the court approval

process can create an additional and substantial cost to the estate administration. It is best to put the

fee arrangements in place when the will is made. There are three components of remuneration under the

Trustee Act which apply if you have not specified an executor fee and do not have a fee agreement in place:

1. Capital fee: Up to a maximum of 5% of the value of the assets in the estate.

2. Revenue fee: 5% of all income collected in the estate.

3. Care & management fee: 2/5 of 1% per annum based on the fair market value of the trust. This fee is

applicable when there is a long-term trust established in the will, such as a trust for a minor or mentally

challenged beneficiary. Please note that this fee is not charged when the estate is distributed directly to

adult beneficiaries.

Note: When Concentra Trust is appointed as executor and trustee, a compensation agreement setting

out their fees will be put into place. Concentra Trust is pleased to discuss your estate needs with you and

provide you with a quote for their fees.

B. Probate fees

When an application is made to Court for a grant of probate of a will (or a grant of administration when

there is no will), a fee is payable to the Minister of Finance. That fee is based on the fair market value of the

assets passing by the will (or on the intestacy) including real and tangible personal property of the deceased

that were situate in the Province of British Columbia at the date of death, and intangible personal property

of the deceased wherever situate. Probate fees are calculated on the fair market value of assets (both real and

personal) as at the date of death.

Probate fees are established by the Provincial Government and are subject to change. Currently, the probate

fee schedule is as follows:

Estate value Probate fees

Up to $25,000 No fee

$25,000.01 to $50,000 $6.00 for every $1,000 over $25,000

In excess of $50,000 $14.00 for every $1,000 over $50,000

In addition, a filing fee of $200 is required for all estates that have a gross asset value greater than $25,000.

Probate fees do not apply to, and are not charged for, assets that pass to beneficiaries outside of the estate

or will. This includes assets held jointly with right of survivorship and life insurance policies or RRSP/RRIF/

TFSA accounts where there is a named beneficiary. Those do not form part of the estate for purposes of

calculating the probate fee; nor does any interest in assets held in an inter vivos trust (a trust created by a

person who is living).

While you may wish to arrange your affairs in order to avoid probate fees, please seek professional advice

before proceeding with any major planning of this nature, as such actions may have other unintended

consequences if all assets and all of your particular circumstances are not taken into consideration.

III. Other estate planning issues

A. Taxes on death

At present, there are no death taxes (succession duties) on property of a deceased passing to beneficiaries

in any province in Canada, nor is there any estate tax levied by the Federal Government.

However, death may trigger additional income taxes. Taxes may arise as a result of taxable payments, such

as pensions, annuities, and certain life insurance payments. Taxes may also arise as a result of the deemed

disposition rules in the Income Tax Act, which provide that a deceased individual is, except in certain

circumstances, deemed to have disposed of all capital assets at fair market value at the time of death,

thereby triggering capital gains (or losses). For income tax purposes, one half (50%) of the net capital gains

(capital gains minus capital losses) is included in your income in the year of your death.

If you own assets outside of Canada, such as real estate in the US, your estate may be liable for taxes

in the other jurisdiction. It may be possible to reduce some of this tax burden by obtaining tax advice

in conjunction with the preparation of your will. An effective estate plan should result in tax savings

upon death and provide opportunities for saving tax during your lifetime. Seek advice from a tax advisor

experienced in tax planning.

B. Assets that can be dealt with outside of your will

Your will does not deal with all the property that you may own at your death. For example, the following

property would not be part of your estate governed by your will:

1. Any property you jointly own with another person as true joint tenants;

2. Any property such as a RRSP/RRIF or life insurance policy in which you have designated a beneficiary; and

3. Any trusts established while you are still living.

These types of assets are not subject to probate fees, nor are they transmitted to your executor as part of your

estate. Such arrangements should be reviewed with your estate planning advisor along with your will and other

estate assets to ensure your overall plan meets your needs and that one part does not conflict with another.

C. Trusts

Trusts can be valuable tools in your estate plan but can become complex and technical, so expert advice

should be obtained to determine whether they are appropriate for your circumstances and to ensure they

are set up properly.

Discretionary trust – providing for a disabled child

If you have concerns about providing for the future of a disabled family member, you can create a

discretionary trust that is managed by a trustee for the benefit of disabled persons. Such trusts can either

be made in your will to be effective after your death (testamentary trust) or while you are still living (inter

vivos trust) to be effective immediately. Persons receiving provincial disability benefits may be permitted

to receive payments from a trust and still remain eligible for benefits. The Ministry of Social Development

and Poverty Reduction website provides information about how a trust may be used in conjunction with

disability benefits.

For additional information and assistance, Planned Lifetime Advocacy Network (PLAN) has assisted many

families who have special needs. PLAN is a registered non-profit charity that helps create a safe, secure, and

full life for a disabled relative by providing lifetime advocacy and monitoring. For more information, visit

PLAN at www.plan.ca.

Alter ego and joint partner trust

An alter ego or joint partner trust is an inter vivos trust (a trust set up by someone during their lifetime) that

can be created to distribute assets to beneficiaries upon your death. While similar to a will, these assets will

not be subject to probate fees, nor will they fall under your will’s provisions. These special trusts must meet

four key Income Tax Act requirements:

1. You (the settlor, or funder of the trust, and your spouse in the case of a joint partner trust) are at least 65

years old when the trust is created;

2. You settle the trust on or after 1999 (an older trust does not qualify);

3. Both you (and your spouse in the case of a joint partner trust) and the trust are resident in Canada; and

4. The trust’s terms provide that you (or you and your spouse for a joint partner trust) are the only person(s)

entitled to receive any capital or income from the trust during your lifetime, and you are entitled to

receive all the income arising during your lifetime (or you and your spouse during your joint lifetimes and

the lifetime of the your survivor).

Unlike other inter vivos trusts, if the above requirements are met, assets may be transferred into an alter

ego or joint partner trust without triggering a disposition of the assets for tax purposes. However, note that

having a trust requires additional administration, including filing trust income tax returns, and keeping and

maintaining trustee records of all trust transactions and trustee decisions.

Professional advice is strongly recommended when considering creating an alter ego or joint partner trust.

D. Are you a US person?

The answer to this question can depend on a number of factors, so check with a legal professional with

cross-border experience.

If you are considered a US person by the US tax authorities, you may have to file US tax returns and other

related documents on an annual basis, which could affect certain investment choices you make.

Factors that could make you a “US person” can include, but are not limited to:

• You are a US citizen (e.g. you were born in the US, or your parent is a US citizen, or you became

naturalized as a US citizen);

• You are a US resident alien (which can include past or present green card holders and past citizens,

even if not living in the US);

• You are a “person in and doing business in the United States of America.”

You may have legal options to unravel your US connection if you are currently a US person. Discuss this with

an experienced and reputable cross-border legal professional.

There are US estate tax strategies to reduce potential US estate tax after your death that are worth

discussing in more detail with a cross-border tax planning professional to see if they are appropriate for your

personal circumstances.

E. Are you a first nations citizen?

As a result of treaty legislation, there may be certain property that is communally owned and therefore not

distributable under your will. Make sure you discuss this with your estate planning lawyer prior to drafting

your will.

IV. When you are unable to help yourself

We recommend that in addition to your will, you prepare an enduring power of attorney and a

representation agreement, which are legal documents designed to protect you and your family should ill

health prevent you from making decisions about your affairs on your own.

A. Enduring power of attorney

An enduring power of attorney (EPOA) is a power of attorney that remains in effect following your mental

incapacity. Without this special statement, regular power of attorney agreements cease to have effect if you

become mentally incapable.

Advantages of an EPOA:

• They are simple to write;

• It is easy to appoint or change your attorney;

• It is a relatively inexpensive way to ensure someone can look after your financial matters when you

are still alive but perhaps unable to manage your affairs.

Disadvantages of an EPOA

• If the person you name as your power of attorney is untrustworthy, they could misuse your assets.

Your choice of attorney is extremely important. You may reduce the risk of abuse by:

• Having the Power of Attorney document held in safekeeping until needed (perhaps by a lawyer);

• Appointing two attorneys who must act together;

• Appointing a corporate party, such as Concentra Trust, to act as your EPOA.

Note: amendments to the Power of Attorney Act effective September 1, 2011 include extensive new provisions concerning

EPOA. Validly made EPOAs created before September 1, 2011 remain valid but may not have the same effect for all matters.

You may wish to review the terms of your EPOA with your legal advisor to ensure it still meets your needs.

General powers to be aware of:

• Attorney has authority to deal with financial and legal, but not health, issues;

• Attorney can assume complete authority of donor’s affairs;

• Attorney has authority to do almost anything with the donor’s property that the donor could do;

• In the event of incapacity, an EPOA is irrevocable.

Restrictions to powers to be aware of:

• Attorney may not exercise the EPOA for his own benefit unless attorney is authorized to do so by the

document or the attorney acts with the full knowledge and consent of the donor;

• Attorney cannot act where the competency to do the act arises by virtue of some duty of a personal

nature requiring skill or discretion for its exercise (i.e. cannot swear a verifying affidavit on behalf of

the donor);

• Cannot make, change, or revoke a will;

• Cannot assign or delegate his authority to another person;

• Cannot allow his own interests to conflict with those of the donor;

• Cannot change a beneficiary of a will, registered plan, or life insurance plan (i.e. any testamentary disposition).

You may contact Vancity’s Financial and Estate Planning Team to learn how to appoint Concentra Trust to

act either solely as your EPOA, or together with another person of your choice.

B. Representation agreement

Introduced in February 2000, Representation Agreements (RAs) are a relatively new “estate planning” tool for

residents of British Columbia. Like Enduring Powers of Attorneys (EPOAs), RAs stay in effect until you pass

away or revoke them. Anyone over the age of 19 with the requisite mental capacity can create a RA.

Currently, RAs come in two types: Section 7 or “Standard Agreements” and Section 9 or “Enhanced

Agreements.”

Standard agreements

A lower level of mental capacity is required to make a Standard Agreement, so people with a mental disability

that prevents them from making an EPOA or Enhanced Agreement may still create a Standard Agreement to

appoint someone to assist them with routine financial management and/or personal care decisions.

Creating a Standard Agreement lets your representative deal with:

• Personal care (i.e. your lifestyle and where you reside);

• Routine management of your financial affairs;

• Certain types of health care;

• Some legal proceedings.

Standard Agreements cannot be used for:

• Real estate transactions;

• Refusing life support or medical treatment.

Enhanced agreements

An enhanced agreement allows your representative to deal with:

• All types of health care (i.e. the kind of medical treatment you receive, refusing life support or medical

treatment);

• Personal care (your lifestyle and where you reside);

• Temporary care and education of your minor children;

• Other specified items, but not financial matters.

Pre-September 1, 2011 Representation Agreements

Before September 1, 2011, in addition to personal and health matters, you could include all financial affairs in

your Enhanced RA. If you RA was created before September 1, 2011 and states that your representative may

“do, on my behalf, any thing that can be done by an attorney acting under a power of attorney,” amended

laws now treat it as if it is an EPOA made under the Power of Attorney Act when using it.)

Who can act as a representative?

• Any person 19 years of age and over;

• The Public Guardian and Trustee;

• Trust companies (i.e. Concentra Trust) if the policy of the trust company permits it and as long as their

authority under the RA is confined to the adult’s financial affairs, business or assets, and to related

legal matters;

• You can appoint more than one representative;

• You can assign a specific area of authority to each representative named, or have your representatives

act jointly;

• You can name alternative representatives, but should specify circumstances in which the alternate is

authorized to act.

C. EPOA or RA?

EPOAs are commonly used for financial and legal matters, whereas RAs are more commonly used for health

and personal care. But as seen above, the Section 7 RA can extend to basic or routine financial and legal

matters, and can be used if a person does not have the full capacity to make an EPOA or the person does

not own real estate or complex investments.

Further information on Enduring Powers of Attorneys and Representation Agreements, as well as Nidus, the

online centralized registry, can be obtained from the non-governmental, charitable society via their website:

Nidus Personal Planning Resource Centre and Registry: www.nidus.ca

D. Advance directive

If a representative for health care is not appointed, a capable adult may make an advance directive in

which they either give or refuse consent to any health care described in the advance directive. An advance

directive is a legal document that is to be used if the adult later becomes incapable of giving health care

consent, and must be in writing, signed by the adult and witnessed by a lawyer or notary in BC, or by two

witnesses who are not lawyers or notaries.

V. Glossary of terms

With the enactment of the Wills, Estates and Succession Act (WESA) legislation on March 31, 2014, some new

terminology has been introduced.

Administration

Handling the affairs of a trust or deceased person’s estate.

Administrator

Court-appointed representative who settles the estate for a person who died

without a will.

Advance directive

A legal document signed by you and witnessed by two other people that sets

out your instructions regarding medical treatments you want and do not want

when you are incapable of giving consent to treatment.

Age of majority

In BC, nineteen years of age. Once a child reaches the age of majority, their

parents or other legal guardians cease having legal control of the child.

Beneficiary

An individual named in your will (or life insurance policy or registered investment

plan) to receive all or part of your property.

Bequest/legacy

A gift to a beneficiary outlined in your will.

Codicil

A written legal document to amend your will.

Committee

The Public Guardian and Trustee, or person(s) appointed by the Court to make

decisions regarding the person and/or financial affairs of someone incapable of

managing these for themselves. Is also referred to as “Guardian” under the Adult

Guardianship Act.

Descendant

All lineal descendants through all generations.

Dependents

Individuals who are dependent on you financially, and possibly for their care and

wellbeing.

Discretionary trust

A trust (see “Trust” below) that distributes income and capital to a

beneficiary(ies) solely at the discretion of its Trustee(s). Such beneficiaries have

no absolute right to trust money. Often used in wills to provide for minors or

disabled persons.

Estate

All the property that a person owns at death that can be disposed of by a will.

Inter vivos trust

A trust (see “Trust” below) that is established during your lifetime.

Net estate

Total value of assets at death, less funeral expenses and debts owed at death.

Executor/trustee

Person or corporation appointed by a will to administer the estate. The executor

probates the will, settles any debts, and distributes the estate. Typically, the

same person or corporation acts as the trustee who carries out the terms of any

ongoing trusts. Often, the terms executor and trustee are used interchangeably.

Guardian

A parent living with and supporting their child, or a person appointed by the

Court to be the legal guardian. A will can indicate a deceased parent’s preference

for a legal guardian, but is not binding on the Court. Guardianship ceases once

the child reaches the age of majority.

Heirs

Individuals or organizations to inherit your assets.

Intestate

Someone who died without leaving a valid will.

Intestate successor

Individual(s) who inherits your assets under the rules of intestate succession.

Generally, the spouse and surviving children, natural and adopted, share the estate.

Joint tenancy

Property owned by two or more persons jointly with right of survivorship.

Usually, surviving joint tenants automatically become owners of any deceased

tenant’s interest in the property.

(Also see “Tenancy-in-Common” below)

Living will

A written description of your wishes about medical treatments you do and do

not want; usually life end decisions.

Mentally infirm

Defined under the Mental Health Act as a person suffering from a disorder of

the mind that:

• Seriously impairs their ability to react appropriately to their environment,

or to associate with others; and

• Requires medical treatment, or requires care, supervision or control of

them, for their protection or welfare, or for the protection of others.

Minor

Individual below the age of majority (see “Age of Majority” above).

Patient

As defined by the Patient’s Property Act, a person who, due to mental infirmity

from disease, age, or otherwise, is either:

• Declared by the Court to be incapable of managing their affairs and/or

person; or

• Described in a certificate signed by a provincial mental health facility

director, or office in charge of a psychiatric unit, as being incapable of

managing their affairs.

Personal property

Every kind of property other than land or an interest in land.

Power of attorney

Legal document to allow another named person to act as your legal

representative and manage your financial affairs. To be an enduring power of

attorney whihch will continue on after your incapacity, the power of attorney

document must include the appropriate wording to indicate that it is intended

to continue after your incapacity.

Probate

Procedure by which the Court declares a deceased person’s will to be valid.

“Grant of Probate” proves the executor’s capacity to act as the executor.

Property

Includes real property (real estate) and personal property (all other property,

including cash, securities, cars, furniture, jewelry, etc.)

Public guardian and

trustee

Official Guardian and Official Administrator for British Columbia, who:

• Protects estates and financial interests of minors, mentally disordered, or

handicapped persons;

• Administers estates if no other person is competent or prepared to act;

• May be appointed as committee for persons lacking capacity.

Residue

Remainder of an estate, after paying all debts and administration expenses, and

giving out all specific gifts of property and cash.

Representation grant

Includes:

(a) The grant of a probate of a will in BC, or

(b) The grant of administration of the estate of a deceased person in BC, with

or without will annexed, or

of the estate of a deceased person issued in another jurisdiction, or

(d) An ancillary grant of probate.

Representative

Person named by an individual in a Representation Agreement to make health

and personal care decisions for them and/or assist with routine financial

management.

Revocation

Canceling, in whole or in part, an existing will or other legal document.

Spousal home

The dwelling occupied by a family as their primary residence.

Tenancy in common

Usually property owned jointly by two or more persons who have an undivided

interest in it. On death of a tenant-in-common, their interest does not

automatically pass to surviving tenant(s)-in-common, rather, it is included in their

own estate.

Testamentary capacity

Sufficient mental ability for making a will, recognized in law.

Testamentary trust

A trust (see “Trust” below) that is established at your death.

Testator/testatrix

A person who makes a will

*Under the Will, Estates and Succession Act, the new term is “will-maker”

Trust

Legal arrangement naming individual(s) as trustees to manage assets for the

benefit of someone else.

Trustee

Person(s) or organizations responsible for managing assets held in trust.

Will

A legal document made by a person to dispose of their property upon their

death. A will must be made in accordance with certain formalities, such as signing

by the will-maker in the presence of two competent witnesses.

Will-maker

A person who makes a will.

Wills variation

A law that allows a spouse or child (or the Public Guardian and Trustee acting on

behalf of a minor or mentally disabled person) to apply to the Court to vary the

provisions made for that spouse or child in a will. Factors such as the spouse’s or

child’s needs, fairness, and the will-maker’s moral and legal obligations to provide

are considered by the Court.

VI. Estate Planning Forms

The following forms will help you with your estate planning. The Estate Planning Information Form will assist

you in deciding what you want your will to say and the lawyer in preparing your will. The Record Keeping

Form and Funeral Instructions Form will help your executor find important information early. You may wish

to provide them with copies.

• Estate Planning Information Form

• Record Keeping Form

• Funeral Instruction Form

Form_1193 (2018-11-02) Page 1 of 10

Estate planning information

This form is provided to record your essential information to assist with your estate planning. The form can be

used to provide information for both yourself and your spouse/partner. Complete in as much detail as possible so

that your planner and advisors can help to identify issues that are relevant to you.

Section 1 – Information Authorization

I authorize Vancity to release this form for estate planning purposes to

My lawyer:

My executor:

Other:

Section 2 – Member Information

Full Name

Occupation

Apt/ Unit Number

Street Address

City

Province

Postal Code

Date of Birth (yyyy-mm-dd)

Place of Birth

Birth Name

Citizenship(s) include all

First Nations specify

Marital Status

Married

Date

Location

Common-law

Date

Divorced

Date

Separated

Date

Widowed

Date

Single / Never married

Section 3 – Spouse / Partner Information

Full Name

Occupation

Address is same as above.

Apt/ Unit Number

Street Address

City

Province

Postal Code

Date of Birth (yyyy-mm-dd)

Place of Birth

Birth Name

Clear Fields

Form_1193 (2018-11-02) Page 2 of 10

Citizenship(s) include all

First Nations specify

Marital Status

Married

Date

Location

Common-law

Date

Divorced

Date

Separated

Date

Widowed

Date

Single / Never married

Section 4 – Marriage Information

Do you have a marriage or cohabitation contract? List details below or use additional pages.

Have you or your spouse been married before? Yes No

Do you have any support obligations to a child or former partner? Yes No

Other previous relationships if applicable

Name(s) of former spouse(s) / partners if applicable

Section 5 – Children

Name all natural and legally adopted children, whether you wish to benefit them or not.

one asterisk (*) any child of a former marriage of either spouse and indicate which spouse is the parent

two asterisks (**) any child who may be disabled, or

three asterisks (***) any child who is deceased.

Full Name Parent(s) Name Birth Date (yyyy-mm-dd) Address

Section 6 – Summary of Assets

If listing assets for both you and your spouse, please indicate whether assets are registered in your name, in

your spouse's name, or jointly.

If there is not enough space in this section, add information on a separate sheet(s) and attach to the end of

form.

Real Estate

Property 1 - Address

Residential

Revenue

Recreational

Form_1193 (2018-11-02) Page 3 of 10

Life Insured?

Property 1 - Market Value Property 1 - Mortgage Amount

Yes No

Owner 1 Name

Owner 1 - % Ownership

Owner 2 Name

Owner 2 - % Ownership

Property 2 - Address

Residential

Revenue

Recreational

Life Insured?

Property 2 - Market Value Property 2 - Mortgage Amount

Yes No

Owner 1 Name

Owner 1 - % Ownership

Owner 2 Name

Owner 2 - % Ownership

Property 3 - Address

Residential

Revenue

Recreational

Life Insured?

Property 3 - Market Value Property 3 - Mortgage Amount

Yes No

Owner 1 Name

Owner 1 - % Ownership

Owner 2 Name

Owner 2 - % Ownership

Investments – Stocks / Bonds / Mutual Funds

Investment 1 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Investment 2 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Investment 3 - Location

Value

Form_1193 (2018-11-02) Page 4 of 10

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Investment 4 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Term Deposits

Term Deposit 1 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Term Deposit 2 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Term Deposit 3 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Cash in Financial Institutions

Cash 1 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Cash 2 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Form_1193 (2018-11-02) Page 5 of 10

Owner 2 Name

Yes

Cash 3 - Location

Value

Owner 1 Name

Joint with right of

survivorship?

Owner 2 Name

Yes

Safety Deposit Box

Location

Number

Registered Plans – RRSP / RRIF / TFSA

Registered Plan 1 - Type

Registered Plan 1 - Location

Value

Owner Name

Designated Beneficiary

Registered Plan 2 - Type

Registered Plan 2 - Location

Value

Owner Name

Designated Beneficiary

Registered Plan 3 - Type

Registered Plan 3 - Location

Value

Owner Name

Designated Beneficiary

Registered Plan 4 - Type

Registered Plan 4 - Location

Value

Owner Name

Designated Beneficiary

Pension Plans / Annuities

Pension Plan / Annuity 1 - Type

Pension Plan / Annuity 1 - Location

Value

Owner 1 Name

Owner 2 Name

Designated Beneficiary

Pension Plan / Annuity 2 - Type

Pension Plan / Annuity 2 - Location

Value

Owner 1 Name

Owner 2 Name

Designated Beneficiary

Pension Plan / Annuity 3 - Type

Pension Plan / Annuity 3 - Location

Value

Owner 1 Name

Owner 2 Name

Designated Beneficiary

Form_1193 (2018-11-02) Page 6 of 10

Life Insurance

Life Insurance 1 - Type

Life Insurance 1 - Location

Value

Owner 1 Name

Owner 2 Name

Designated Beneficiary

Life Insurance 2 - Type

Life Insurance 2 - Location

Value

Owner 1 Name

Owner 2 Name

Designated Beneficiary

Personal Effects

Furniture / Household Goods

Joint with right of survivorship?

Yes

Owner 1 Name

Value

Owner 2 Name

Value

Jewelry

Joint with right of survivorship?

Yes

Owner 1 Name

Value

Owner 2 Name

Value

Automobiles

Joint with right of survivorship?

Yes

Owner 1 Name

Value

Owner 2 Name

Value

Other (Specify)

Joint with right of survivorship?

Yes

Owner 1 Name

Value

Owner 2 Name

Value

Other (Specify)

Joint with right of survivorship?

Yes

Owner 1 Name

Value

Owner 2 Name

Value

Interest in Proprietorships / Partnerships / Private Companies

Company 1 - Name

Registration

Value

Company 2 - Name

Registration

Value

Form_1193 (2018-11-02) Page 7 of 10

Company 3 - Name

Registration

Value

Company 4 - Name

Registration

Value

Interest in existing estates or trust specify

Section 7 – Total Asset Value

Self Total Value

Spouse / Partner Total Value

Jointly Owned Total Value

Additional Information

Section 8 – Summary of Debts

If there is not enough space in this section, add information on a separate sheet(s) and attach to the end of

form.

Debt 1 - Location

Debt 1 - Amount

Jointly

Owned

Yes

Creditor Life

Insured?

Yes

Owner 1 Name

Owner 2 Name

Debt 2 - Location

Debt 2 - Amount

Jointly

Owned

Yes

Creditor Life

Insured?

Yes

Owner 1 Name

Owner 2 Name

Debt 3 - Location

Debt 3 - Amount

Jointly

Owned

Yes

Creditor Life

Insured?

Yes

Owner 1 Name

Owner 2 Name

Section 9 – Will Particulars

Primary Executor 1 - Full Name

Address

Occupation

Relationship

Primary Executor 2 - Full Name

Address

Form_1193 (2018-11-02) Page 8 of 10

Occupation

Relationship

Alternate Executor 1 - Full Name

Address

Occupation

Relationship

Alternate Executor 2 - Full Name

Address

Occupation

Relationship

Guardian(s) and Alternate Guardian(s) for Minor Children

Primary Guardian 1 - Full Name

Address

Occupation

Relationship

Primary Guardian 2 - Full Name

Address

Occupation

Relationship

Alternate Guardian 1 - Full Name

Address

Occupation

Relationship

Alternate Guardian 2 - Full Name

Address

Occupation

Relationship

Form_1193 (2018-11-02) Page 9 of 10

Household goods / Personal Effects / Jewelry / Automobiles

List any specific articles you wish to gift to a particular person(s) and provide full name, address, and

relationship of any such beneficiary. Add to the end of the document if more space is necessary.

Cash Legacies

State if you wish to leave any cash legacies (gifts) to any particular relatives, others, or charities, and provide

full name, address, and relationship of any such beneficiary. Add to the end of the document if more space is

necessary.

Trust Fund(s)

State if you wish to provide a trust fund for a child during his/ her lifetime (e.g. for a mentally challenged child).

Disposition of Residue

(a) Will your spouse receive the residue if he/ she survives you?

Yes No

(b) If your spouse fails to survive you, do you wish to leave your estate to your children?

Yes No

(d) if any child fails to survive to that age, do you wish his/ her children, if any, to receive that share of your estate?

(e) if instructions are other than those outlined above, list your instructions below (friends, charities, etc.).

Memorial / Funeral / Burial

Do you have memorial, funeral or burial wishes you would like mentioned in your will and if so, what wishes

(e.g. cremation, simple funeral, family plot, prepaid funeral).

Investment Discretion

Do you wish to limit the investment discretion of your trustees (i.e. unrestricted, or trustee investments under

the Trustee Act of B.C.)

Trustee Compensation

If your executor or trustee is an individual already named in the will as receiving some benefit, is this benefit in

addition to, or in substitution for any compensation to the individual executor or trustee?

Form_1193 (2018-11-02) Page 10 of 10

Section 11 – Additional Comments and Instructions

Signature

By signing this document, I certify that the above information is current and accurate.

Signature

Name

.…………………………………………………….

Date (yyyy-mm-dd)

concentra.ca

Client’s name _________________________________________________________

Location of personal records and documents:

Listing the location of personal records and documents will expedite the estate administration process and

reduce the likelihood of an item being overlooked or improperly handled. If these items cannot be located,

there may be additional expense and delay when your estate is administered.

ITEM LOCATION

Original Last Will and Testament ... _____________________________________________________

Letter of Direction ............. _____________________________________________________

Original Enduring Power of Attorney . _____________________________________________________

Health Care Directive ........... _____________________________________________________

Organ/tissue donation card ....... _____________________________________________________

Pre-planned funeral contract ...... _____________________________________________________

Instructions regarding pets ....... _____________________________________________________

Credit cards.................. _____________________________________________________

Debit cards .................. _____________________________________________________

Insurance policies ............. _____________________________________________________

Safe deposit box .............. _____________________________________________________

Box # _______________ ..... Keys are kept _________________________________________

Previous years’ income tax returns.. _____________________________________________________

Bank account records ........... _____________________________________________________

Pension plans or annuities........ _____________________________________________________

Investment information ......... _____________________________________________________

Real estate titles .............. _____________________________________________________

Mortgage/loan information ....... _____________________________________________________

Time share contracts ........... _____________________________________________________

Record

Keeping

concentra.ca

ITEM LOCATION

Birth certicate ............... _____________________________________________________

Passport/citizenship papers ....... _____________________________________________________

Social insurance card ........... _____________________________________________________

Marriage certicate(s) .......... _____________________________________________________

Marriage contract.............. _____________________________________________________

Cohabitation contract ........... _____________________________________________________

Divorce decree/separation agreement _____________________________________________________

Health insurance card........... _____________________________________________________

Driver’s license ............... _____________________________________________________

Vehicle registration............. _____________________________________________________

Incentive cards (i.e. Air Miles, etc.) . _____________________________________________________

Medical/dental information ....... _____________________________________________________

Social networking sites .......... _____________________________________________________

Passwords held at ............. _____________________________________________________

Other

______________________________ _____________________________________________________

Record

Keeping

Concentra Trust

800.788.6311 #1888

executorease@concentra.ca

*Personal and corporate trust services are provided through Concentra Trust, a wholly owned subsidiary of Concentra Bank.

Reset

500-475 (12/15)

Funeral Instructions

Testator

Name ______________________________________________________________________________

Address _____________________________________________________________________________

Executor(s)

Name(s) ____________________________________________________________________________

Address _____________________________________________________________________________

Telephone _________________________________ (Res) ________________________________ (Bus)

Email _______________________________________________________________________________

To My Executor(s):

Following are my wishes with respect to funeral and burial/cremation arrangements. I understand that the

nal decision is your responsibility as executor(s); these wishes are meant to assist you in this process.

My preferred funeral provider is __________________________________________________________

Address/telephone of provider ___________________________________________________________

I have made my own funeral arrangements Yes No

If yes, the funeral arrangements are prepaid Yes No

My preference is Burial Cremation Other (specify)

_________________________________________________________________________________

If burial, my preferred location for burial is _________________________________________________

I have purchased a burial plot/crypt Yes No

If yes, name/location/plot #: _________________________________________________________

If cremated, my preferred location for cremains is buried columbarium niche other (specify)

_________________________________________________________________________________

I have purchased a burial plot/columbarium/crypt/niche Yes No

If yes, name/location/plot #: ____________________________________________________________

Headstone/Memorial Marker Yes No Existing Other (specify)

_________________________________________________________________________________

500-475 (12/15) * Personal and corporate trust services are provided through Concentra Trust, a wholly owned subsidiary of Concentra Financial.

I wish to have a funeral/memorial service Yes No

If yes, the following are my wishes with respect to:

Prayer Service (prior to funeral/memorial) __________________________________________________

Viewing/open casket ___________________________________________________________________

Type of service (religious, spiritual, secular, etc.) ____________________________________________

Location ____________________________________________________________________________

Presider _____________________________________________________________________________

Special participants (e.g. fraternal organizations) ____________________________________________

Pallbearers (Name and Contact Information)

1. _______________________________________ 4. _______________________________________

2. _______________________________________ 5. _______________________________________

3. _______________________________________ 6. _______________________________________

Honourary Pallbearers (Name and Contact Information)

1. _______________________________________ 4. _______________________________________

2. _______________________________________ 5. _______________________________________

3. _______________________________________ 6. _______________________________________

Music _______________________________________________________________________________

_________________________________________________________________________________

Readings ____________________________________________________________________________

_________________________________________________________________________________

Eulogy ______________________________________________________________________________

Social gathering ______________________________________________________________________

Private burial/disposal of cremains ________________________________________________________

Donations in lieu of oral tributes Yes No

If yes, please direct donations to _________________________________________________________

Other _______________________________________________________________________________

_________________________________________________________________________________

I ask that my family respect my desires and cooperate with the Executor with respect to my

wishes as stated above.

Testator’s Signature: __________________________________ Date: ___________________________

Funeral Instructions

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