This question has been asked numerous times. And my answer is – it depends on your purpose.
Most parents, as they get older, would want to add their adult children on title of their home to save on probate fee when they pass. Yes, although it is true that you can “save” on probate fee, but it can cost you more financially and have significant legal impact down the road.
Most people’s resolutions would include losing weight, exercising regularly, eating healthier so on and so forth. Have you considered getting your estate and personal planning documents in order as this year’s resolution?
Wills, Powers of Attorney and Representation Agreements are the most common and are probably one of the most important documents in your estate plan. Accidents can happen without any forewarning. In the direst circumstances, if you pass away without a will, basically you are leaving up to the law to determine how you want your estate to be distributed upon your death. Your family or closest friends, while grieving for their recent loss, are also required to apply to the Court to be the administrator of your will. In other instances, you suffer sever injury or illness and are not able to communicate with anyone, who’s going to handle your financial, legal, or personal care matters? Your family, even your spouse, would not be legally to handle your matters.
A bit about myself. I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful.