Make a Will Week: Death, Taxes, and the Value of a CPA

UPDATE (September 5, 2025): This article has been updated to reflect changes in legislation, regulations, and accounting practices since the original date of publication (October 6, 2024).

October 20-26 marks Make a Will Week 2025 in B.C.—an important reminder to take care of your loved ones by creating or updating your will. However, estate planning goes beyond just a legal document. We sat down with Amy Duncan, a partner in our private enterprise group to answer our clients’ common questions and bust some of the myths around wills and trust planning.

1. Why is estate planning so important, and why should families consider creating or updating their wills during Make a Will Week?

Estate planning ensures your affairs are handled efficiently when you pass away. Without a will, your loved ones may face delays in distribution and administration and complications in managing your estate. For example, if you pass without naming an executor, someone will need to apply for a grant of administration, slowing down the process. This becomes even more complex if minor children or business interests are involved.

It’s also essential to update your will after major life changes like the birth of a child, a marital breakdown, or acquiring significant assets. If your will doesn’t account for these changes, your estate may not be handled according to your wishes, leading to family disputes or delays.

2. What are the most common misconceptions people have about wills and estate planning?

There are several misconceptions:

• “Wills are only for the wealthy.” This is false. Everyone, regardless of wealth, should plan for the distribution of their assets. It simplifies the process for your family.
• “Wills are only for seniors.” Unfortunately, tragedy can strike at any age. Planning ahead is important.
• “I don’t need a will if I’m married.” While this may seem like a simple situation, it can lead to potential complications, especially if you have children from previous relationships or blended families that you may wish to make provisions for.
• “Wills help lower taxes.” Wills themselves do not reduce taxes. Estate tax planning, in conjunction with your advisors (CPA’s, financial planners, and lawyers) can plan for the tax burden upon death and help identify ways to preserve your wealth for the next generation.

3. How can trust and estate services help ensure your family’s financial security after you pass away?

The saying goes, “The only certainties in life are death and taxes.” By planning for both, you can ensure you understand the tax implications of your will and what your family will inherit. This gives you clarity and peace of mind.

4. What are the key elements of a comprehensive estate plan beyond just creating a will?

Estate planning isn’t just about a will—it’s about having the right advisors. Your CPA, along with your lawyer and financial planners, can guide you through the estate planning process. Together, they ensure your estate plan is comprehensive and customized to your unique needs.

5. What role do trusts play in estate planning, and how can they benefit families with more complex needs?

Trusts can help manage probate costs and ensure assets are managed according to your wishes. For example, a trust can delay access to funds until a beneficiary reaches a certain age or protect assets if a beneficiary isn’t capable of managing their own affairs. However, trusts can be complex, so it’s important to set them up with expert guidance.

6. When should individuals start thinking about creating a will, and how often should it be reviewed?

It’s never too early to create a will. We recommend reviewing your will every 3-5 years or after significant life changes, such as a marriage, the birth of a child, marital breakdown, or the acquisition of new assets.

7. How do specialized trust and estate services at DMCL help navigate the unique challenges of multi-generational wealth transfer?

At DMCL, our full-service tax team works with clients to address their specific goals for wealth transfer. We help manage the complexities of passing wealth across generations while minimizing tax liabilities. In addition to trusts, many people may want to consider philanthropic causes as part of their estate plan. We can work with your advisors to customize an estate plan that meets all your planning needs.

8. What are some common pitfalls or mistakes you’ve seen when people try to handle estate planning without professional guidance?

Some common mistakes include:

• Forgetting to plan for alternative beneficiaries if someone passes away;
• Failing to update the will regularly;
• Splitting assets unequally by mistake;
• Not considering trust provisions for minors;
• Choosing too many executors or inappropriate executors; and,
• Overlooking digital assets

9. How can an accountant or financial advisor collaborate with legal professionals to create a well-rounded estate plan?

Your CPA plays a crucial role in explaining tax implications to your legal advisor when drafting the estate plan. We work to minimize taxes, preserving more of your estate for your beneficiaries. Collaborating ensures all financial aspects are considered in the estate plan.

10. What should people consider when choosing an executor, and what challenges do executors often face?

Choosing an executor is a serious decision that should be discussed with legal counsel. It’s common for people to want to “be fair” by selecting multiple executors, but this often complicates matters. You should choose someone trustworthy who can handle the responsibility. A professional executor, such as a trust company, may be a good option in some cases.

Estate planning is about more than just preparing for the inevitable—it’s about protecting your loved ones and ensuring your legacy is managed in the way you envision. By working with your DMCL advisor, you can develop a comprehensive plan that covers all the details, from tax efficiency to asset protection. If you’re ready to secure your family’s future or need guidance on updating your existing plan, reach out today to get started.