A will is a written document, either paper or digital, that spells out exactly where you want your possessions to go after you're gone, who will assume guardianship of your children, and more. Think of it as your last gift to your loved ones — a clear set of instructions that ensures they can carry out your final wishes, and that they’ll be taken care of for many years to come.

In this article, we’ll cover the following topics:

• Family property vs. excluded property

• Debt incurred during marriage

• Agreements between spouses during separation proceedings

When a married couple (or a non-married couple who has lived together for at least two years) separates, their shared property is divided according to guidelines set by the Family Law Act of British Columbia.

In this article, we’ll cover the following topics:

- What is income?

- What is a gift?

- How are gifts taxed?

- Exceptions to gift taxation

- Gifts from employers to employees

- Gifts of capital property

- Gift tax credits

What is income?

Before we discuss gifts and how they’re taxed, we need to first define income.

Vern Krishna, a leading Canada tax lawyer, defined income succinctly as a “measure of gain that derives from capital, from labor, or from both combined.”

In this article, we’ll cover the following topics:

• What is probate?

• What are the benefits of having multiple wills?

• What are the risks of having multiple wills?

According to the Wills, Estates and Succession Act, all citizens of British Columbia are allowed to use multiple wills. That’s great news for anyone looking to avoid probate fees.

But before we get into the specifics, let’s first cover the basics.

What is probate?

Probate is the process by which a court of law administers certain parts of your estate after your death. Generally speaking, probate is only concerned with assets in your estate that are owned solely by you, whereas the jointly-owned assets in your estate, such as insurance policies, retirement savings, and so on, will not need to go through the probate process.

In this article, we’ll cover the following topics:

- The two legal risks of gifts and inheritances

- Divorce settlement

- Providing financial assistance to your children

Divorce Settlement

There are many reasons why a divorce might go from bad to worse. One area that’s particularly prone to get messy is gifts and inheritances – shorthand for assets gifted to a single family member by a third party.