Did you know that October 4th to 10th is Make a Will Week in British Columbia?
The annual event organized by the provincial government encourages and promotes the creation of wills and the updating of an existing will.
This year it comes at a pertinent time for those looking to create their will, as COVID-19 led to increased demand for emergency planning and spurred new provincial legislation that will allow for electronic signing and online storing of wills.
According to research commissioned by online estate planning platform Willful, only 38% of British Columbians have an up-to-date will, and 90% of millennials don’t have a will.
“Digital wills are coming, and BC residents are ready – in fact the majority of residents already think signing and storing a will online are legal. COVID-19 has highlighted the need for digital processes across all industries, and BC is the first to adopt innovative legislation to make it easier for residents to complete their will fully online,” said Erin Bury, CEO of Willful.
“The pandemic has caused 60% of British Columbians to think more about emergency preparedness, and we anticipate that number to grow as the pandemic continues. We’re excited to educate residents about how they can prepare themselves for digital wills.”
Creating a will in BC has always included offline elements, since paper copies of wills have to be signed and witnessed in person and stored offline. When COVID-19 hit in early March, several provinces including BC passed temporary orders allowing for virtual witnessing of wills via video conferencing tools.
BC is the first province in Canada to table digital will legislation, and in August, Bill 21 received Royal Assent. The bill, formally titled Bill 21 – 2020 – Wills, Estates and Succession Amendment Act, 2020, amends existing wills and estates legislation to allow for electronic signing, permanent virtual witnessing, and storing of wills online. It is expected to come into effect in late 2020 or early 2021.
One Willful customer attests to the value of proper family planning. “When my mom passed away a few years ago, one of the greatest gifts she left my sisters and I was an up to date will,” said Jerrid Grimm, the founder of Vancouver’s PressBoard and Willful customer.
“It may seem trivial but it truly allowed our family to spend our time remembering her, instead of worrying about what to do with her funeral and estate. That experience compelled my wife and I to complete our own wills on Willful. It only took a few minutes but I know from experience what a relief it will be to those that we love.”
Willful has released a new guide to digital wills for British Columbians to prepare them for these upcoming changes.