Wills, Estates and Financial Planning

Enduring Power of Attorney (EPA)

An EPA in British Columbia is a legal document that allows an adult to appoint a trusted person (called an attorney) to manage their financial and legal affairs.

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• Unlike a general power of attorney, an EPA remains valid ("endures") if you lose your mental capacity due to illness, age, or an accident.​

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• It strictly covers financial and legal decisions, such as banking, paying bills, selling real estate, or managing investments.

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• it can take effective immediately upon signing, or by 'springing', meaning it activates only after a medical professional declares you mentally incapable.  It terminates upon your death.

• You must be 19 years old, be mentally capable to understand the nature and consequences of the document at the time of signing, and be witnessed by two independent adults or by one professional if they are a BC lawyer or Notary Public.

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Here is the downloadable EPA Form

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Beneficiary Designations

An unregistered asset must pass through your estate using a will, but registered financial accounts in British Columbia allow you to name beneficiaries directly. This means the money transfers straight to your chosen person upon your death, completely bypassing your will and avoiding BC probate fees.

Note that, while naming a beneficiary bypasses probate court, it does not always bypass Canada Revenue Agency (CRA) income taxes.

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Types of Accounts with Direct Designations

• Registered Retirement Savings Plan (RRSP)

• Registered Retirement Income Fund (RRIF)

• Tax-Free Savings Account (TFSA)

• First Home Savings Account (FHSA)

• Registered Disability Savings Plan (RDSP)

• Life Insurance Policies

Find out about beneficiary designation and how it can benefit your estate plan.  ​​​

Representative Agreements 

RA7 and RA9 are legal planning documents in British Columbia that allow you to choose a trusted person, your representative, to make personal care and health care decisions for you if you become mentally incapable.

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• RA7 is designed as a legal safety net for adults who may not meet standard capability tests due to an advanced cognitive disability, brain injury, stroke, or advanced dementia

  • The scope of authority is limited to specific routine daily tasks, minor health concerns, and legal matters.​  Monitoring is usually required if routine financial decisions are included.

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• RA9 is used by adults who are completely mentally capable but want to dictate how their major medical treatment and personal care will be managed if they lack capacity down the road.

  • Includes comprehensive medical and personal care authority with no monitoring required.​​

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Here are downloadable RA7 and RA9 Forms

Direct Beneficiary & Successor Designations

Registered financial accounts can bypass probate entirely by naming specific individuals directly on the account paperwork. The funds transfer straight to the recipient upon your death, never entering your estate.

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• TFSA (Tax-Free Savings Account): Name your spouse as a Successor Holder so the account transfers into their name intact, maintaining its tax-sheltered status without affecting their contribution room. 

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• RRSP / RRIF:  Name a beneficiary to bypass probate, but note that the estate remains responsible for the income tax bill on the remaining balance.

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• Life Insurance: Designating a specific individual or charity ensures the payout bypasses probate court entirely.

Here is a breakdown detailing what assets pass outside of a will.

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