Estate Planning If You Don't Own a Home in BC
Every estate planning guide assumes you own property. But in a province where the average home costs over $1 million, millions of BC residents rent. You still need a plan.
Key Takeaways
- You don't need to own property to need a will
- A will names guardians for children — reason enough by itself
- You likely have more assets than you think: RRSP, TFSA, employer insurance, pension
- Your rental lease doesn't end at death — the estate is responsible until proper notice is given
- A basic will from a notary costs $200-$500 — worth every dollar
Why renters think they don't need a will
The logic is understandable: "I don't own a house, I don't have much savings, I don't need estate planning." But this thinking overlooks several things:
You probably have more assets than you think
- Employer group life insurance: Many employers provide 1-2x your salary in life insurance. Do you have a beneficiary named?
- Employer pension or RRSP matching: Check your employee benefits — there may be significant value there
- RRSP and TFSA: Even modest savings add up over years
- Vehicle: If you own a car, it's an estate asset
- Personal property: Furniture, electronics, jewelry, collections
- Digital assets: Cryptocurrency, domain names, online business income
It's not just about money
- Children: If you have minor children, a will names their guardian. This is the most important function of a will for many people. How guardian appointments work
- Executor: Someone needs to close your accounts, cancel subscriptions, deal with your landlord, and handle your final tax return. A will names that person.
- Personal wishes: Funeral arrangements, who gets sentimental items, charitable donations
- Digital accounts: Who manages or closes your online presence? Digital assets guide
What happens to your rental lease
Under BC's Residential Tenancy Act, a tenancy does not automatically end when a tenant dies. The estate is responsible for:
- Continued rent until proper notice is given
- The contents of the unit (your belongings)
- Any damage or cleaning obligations
Your executor (or family, if there's no will) should give the landlord written notice to end the tenancy as soon as possible. The estate is typically liable for rent during the notice period.
If you have a co-tenant or roommate, the tenancy may continue for the surviving tenant — but the details depend on the lease terms.
Estate planning for renters: the basics
Step 1: Make a simple will
For a straightforward estate without property, a basic will from a BC notary costs $200-$500. It covers:
- Naming an executor
- Naming a guardian for minor children
- Specifying who gets your belongings and savings
- Including a residuary clause (catches anything not specifically mentioned)
Cost comparison: How Much Does a Will Cost in BC?
Step 2: Check your beneficiary designations
- RRSP beneficiary — named?
- TFSA beneficiary or successor holder — named?
- Employer group life insurance — beneficiary current?
- Pension — beneficiary designated?
These designations override your will. Make sure they're consistent. How designations work
Step 3: Get a POA and representation agreement
These aren't about your assets — they're about you. Who manages your finances if you're in a coma? Who makes medical decisions? These questions apply to everyone regardless of net worth.
Why you need all three documents
Step 4: Tell someone
Tell your executor where your will is. Tell your POA and representative that they've been named. Make sure someone knows your important accounts and how to access them.
The cost argument
A basic estate planning package (will + POA + representation agreement) from a BC notary costs $400-$900. From a lawyer: $700-$1,500. For the peace of mind that your children are protected, your wishes are clear, and your family doesn't have to navigate intestacy — that's a reasonable investment at any income level.
A simple will doesn't have to be expensive
BC notaries can prepare a basic will package for $400-$900. It's one of the most important documents you'll ever sign.
Frequently asked questions
Do I need a will if I don't own property?
Yes. A will covers children, savings, personal property, digital assets, and names who handles your affairs.
What happens to my lease when I die?
It doesn't end automatically. The estate is responsible until proper notice is given to the landlord.
Do I need estate planning if I have no assets?
If you have children, definitely. And you may have more assets than you think — employer insurance, pension, RRSP. A basic will from a notary costs $200-$500.