Wills & Estates




 



Planning for the final stage in life is never a comfortable subject to review. However, not being prepared and not having your final wishes documented is an even more uncomfortable situation for the loved ones we leave behind. Having a will and an estate plan in place is essential to helping your family and friends navigate through this challenging time. If you are someone that has a significant other, a family or have assets that you wish to bequeath in a specific and orderly manner, it is highly recommended that you seek out a Wills and Estates specialist to assist you accordingly.

V.P. Credit Union has established an alliance with Truvera Trust Corporation to offer our members access to Estate and Trust services. By working alongside a specialist on a will or estate plan, members can save time, money and have the peace of mind knowing their estate and final wishes are well taken care of. 

Featured services
  • Wills and Estate planning
  • Executor services, including third party executors
  • Trustee services
  • Power of Attorney services
 
For more information or to book a preferred member appointment with a specialist for Wills, Estates and other trustee services, please give us a call or email us at willsandestates@vpcu.com
 
Questions & Answers

 

Q: How long does it take to administer an estate?

A: Estate Administration can take anywhere from a year or longer to conclude depending on the complexity of the estate assets and liabilities. The executor while dealing with the beneficiaries and estate assets is also required by the Wills, Estates and Succession Act to hold the funds for 210 days after the grant of letters probate before making a distribution. The executor deals with Canada Revenue Agency to obtain the necessary clearance certificates and this can also add to the time required in administering the estate.

 

 

Q: I have been told a Corporate Executor can charge more than an individual. Is this correct?

A: No. The Executor’s fees are outlined under Section 88 of the Trustee Act of BC. The Executor’s fee under the act may be no more than 5% of the gross aggregate assets of the estate including capital income. This applies to both individuals and Corporate Executor.
 

 

Q: Can I name a family member or a friend as a Co-Executor with a trust company?

A: Yes. You can name any number of Executors under your will as long as they are over the age of majority.
 

 

Q: Is there any estate tax in Canada?

A: No. There is no estate tax in Canada or Succession Duties in British Columbia. Depending on the size of the estate there may be probate fees to be paid.
 

 

Q: How much are the probate fees in British Columbia?

A: Probate fees in BC start at $6.00 per thousand or part thereof for any amount over $25,000 and up to $50,000. For estates valued at over $50,000 the fee rises to $14.00 per thousand or part thereof. In addition, there is a basic charge of $200.00. For example, for an estate valued at $175,000 the fee will be:

Basic fee is $200.00


$50,000 - $25,000 @ $6.00 per thousand is $150.00


Balance $125,000 @ $14.00 per thousand is $1,750


Total probate fee is $2,100
 

 

Q: Can Truvera Trust Corporation draft and prepare my Will?

A: No. Your Will shall be created by a Solicitor (Lawyer) or Notary Public. Truvera Trust Corporation has the expertise to assist you in preparing for your meeting with your Solicitor or Notary and will provide you with a number of recommended solicitors and notary public offices to choose from. They will provide you with a questionnaire and can assist you with the completion of it. This may save you time and money as your lawyer or notary will have the information prepared rather than having to book multiple follow up appointments to collect the required information to create your will.  
 

 

Q: What documents are important in Estate Planning?

A: The three important documents are the Will to deal with your assets upon your passing. Secondly, a Power of Attorney should you wish to allow a corporate trustee or individual to administer your assets, should you wish them to do so at any time, or should you become mentally incapacitated. Thirdly, a Representation Agreement to an individual(s) to attend to your physical care should you not be able to do so due to illness, accident or mental incapacity.
 

Truvera Trust Corporation is an independent British Columbia owned trust company which has been operating since 2005 and has offices in Vancouver and Kelowna. Truvera is incorporated under BC’s Financial Institutions Act and regulated by the Financial Institutions Commission of BC. Their experienced financial and legal professionals specialize in providing clients with estate planning and administration services.