Is privacy about what your children will inherit important to you? Maybe it91裸聊视频檚 important to them?
Last week91裸聊视频檚 column was about registering your will with the Province of British Columbia91裸聊视频檚 Will Registry.
No privacy loss about inheritance there because only the existence and location of your will is registered.
Nobody except you and your lawyer or notary can access that limited information while you91裸聊视频檙e alive. You could change your will weekly, registering with the Will Registry every time, and nobody could find out.
Anyone armed with a death certificate can search the Will Registry after you91裸聊视频檝e passed away, but the only information they91裸聊视频檒l get is the date and location of the will. The will itself isn91裸聊视频檛 registered, just a form that refers to the date and location of the will.
The risk of privacy loss comes when your executor goes through the probate process.
Any member of the public can do an online search of the Province of British Columbia91裸聊视频檚 court registries through Court Services Online. The search form specifically allows you to search for probate files by the deceased91裸聊视频檚 name.
If you have trouble finding the online search tool, let me know and I91裸聊视频檒l help you.
You get a list of files that provides the court registry location, file number, date the file was opened and the date the file was last updated.
For a $6.00 fee you can see the name of the person who has applied for probate as well as a list of documents on file.
Some of the listed documents can be viewed online for another $6.00 fee. Some others can be sent to you by request for a $10.00 fee.
Other documents, like the will, require a request to the court registry where those documents were filed, but can be obtained for a photocopying fee of $1.00 per page.
The will itself is unlikely to give any information about the size of the estate. But there will be an Affidavit sworn by the executor or administrator of the estate that lists the estate assets and their value.
Armed with the Affidavit that sets out the value of the estate, and the will that sets out how the estate is to be divided, the curtain is lifted on your children91裸聊视频檚 inheritance.
Is there a way around this?
Absolutely.
Your will, and the value of your estate, can be kept confidential if there is no probate.
I91裸聊视频檝e written in some detail about how you can structure your estate to avoid the expense of probate (legal fees and probate fees) in previous columns. Let me know if you have trouble finding those columns and I will help you.
The method that works almost exactly like a will, but sidesteps the probate process, is setting up a trust.
A trust is more expensive to set up than a will and there is ongoing administrative effort and accounting expense. But that is partly offset by avoiding the legal expense and fees related to probate. And some might say it91裸聊视频檚 a small price to pay for confidentiality.
Other tools like joint ownership or transferring your assets to your beneficiaries before you die are just as effective but have downsides such as loss of control, tax implications and making your assets vulnerable to your beneficiaries91裸聊视频� creditors.
Yet another tool that I91裸聊视频檝e not written about before is something called 91裸聊视频渄ual wills91裸聊视频�.
You make two wills.
One will is probated. It says what91裸聊视频檚 to happen with your house, vehicle, bank accounts and any other assets that require an estate grant to be transferred to your beneficiaries.
The other will, which can be kept confidential, is not. It says what91裸聊视频檚 to happen with those of your assets that do not require an estate grant.
Dual wills are of value only if there are significant assets that don91裸聊视频檛 require an estate grant. One such asset is shares in a privately held corporation. It is common for wealthier folks to have a holding company that owns much of their investments.
The confidential will says what91裸聊视频檚 to happen with those shares as well as anything else not requiring probate (gold bars, art collection, antiques, expensive furniture, etc.).
The approximately 1.4% probate fees are avoided for the assets governed by the confidential will. And the existence of those assets is kept confidential because that will is not available to the public.
Please ensure that you get legal as well as tax advice about your estate plan. Dual wills have complexities and should not be attempted without the assistance of a lawyer.
Paul Hergott
Lawyer Paul Hergott began writing as a columnist in January 2007. Achieving Justice, based on Paul91裸聊视频檚 personal injury practice at the time, focused on injury claims and road safety. It was published weekly for 13 陆 years until July 2020, when his busy legal practice no longer left time for writing.
Paul was able to pick up writing again in January 2024, After transitioning his practice to estate administration and management.
Paul91裸聊视频檚 intention is to write primarily about end of life and estate related matters, but he is very easily distracted by other topics.
You are encouraged to contact Paul directly at paul@hlaw.ca with legal questions and issues you would like him to write about.
