| Wills and Estates | |
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Estate Planning |
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| Most of us plan for the future. We work toward purchasing a home, providing for our families, and acquiring assets for retirement. As we progress in life, we also face certain realities: we all get older, we may face a period of incapacity, and we will eventually die. Each of us should consider planning our estates; we should determine and plan how we and our families can best benefit from what we have acquired. We may also want to ensure that we do not become a burden. In establishing an estate plan there are a number of areas to consider. | |
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Wills in Alberta |
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Will is an essential document that states,
in writing, whom you wish to entrust your
property to and how it is to be distributed
after death. A Will, properly prepared by a
lawyer, can give you peace of mind knowing
that your wishes will be carried out by
those you have faith in. A Will also ensures
that your wishes are carried out with a
minimum of expense and delay after your
death.
If you do not have a will, your property is distributed according to the Intestate Succession Act and goes to your spouse and blood relatives in a defined order. A "spouse" is not a common-law spouse*, so if you are living common-law, your partner may not receive any benefit from your estate. (*subject to change with recent case law - pending legislation) Who should draft a will? In order to have it prepared skillfully and with minimum risk, you should obtain the services of a lawyer. Drafting a will requires discussions with you and professional assistance which a lawyer is trained to provide. |
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Wills Checklist |
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following areas should be addressed in your
Will:
a) Personal Representative (formerly called Executor) - the person appointed to represent your estate, or "step into your shoes" after death, obtain professional advice, pay bills, and distribute property. b) Beneficiaries - you may, with some exceptions, leave your property to whomever you wish, including charities. However, a spouse or dependent children have the right to apply to the court to vary the Will if not adequately provided for. c) Guardians - appointing guardians for your minor children is most important in the event both spouses die, or if a single parent dies. Although guardianship must be awarded by the Courts, the Court will generally give effect to the wishes stated in your Will unless special circumstances exist. d) Ultimate Beneficiary(ies) - should all your immediate family die in a common disaster, your Will should state where your estate is to be distributed. e) Disposition of Remains - do you wish to be buried, cremated, etc. f) Trust funds for Minors - you must specify an age when children can control their funds received from your estate. 18 years is the age of majority, but you may wish your children to be older before they are given their share of the estate. |
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Enduring Powers of Attorney |
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The
second consideration in estate planning is
making satisfactory arrangements for
financial care and protection of assets in
the event of mental incapacity. This can
best be achieved through an enduring power
of attorney ("EPA"). This provides
for the appointment of an attorney to deal
with one's financial affairs that will
continue if you become unable (incompetent)
to make decisions or look after your estate
If there is no EPA in place and you
become mentally incompetent, your family may
have to incur the additional expense and
time to obtain a court order to look after
your affairs. You should consider setting up
your own EPA to appoint the person(s) you
want looking after your assets and finances,
and dictate what can be done with them. Only
this way can you plan for the future
management of your affairs if you are unable
to do so because of physical or mental
concerns.
An EPA should be prepared and executed
before a Lawyer.
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Personal Directives |
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| Recently,
The Personal Directives Act was
passed in Alberta. This now allows and
recognizes an individual's right to appoint
an agent to make personal decisions on their
behalf. This allows delegation of health
care, social, educational, lifestyle, legal
and similar decisions to another in the
event you are incapacitated, similar to an
EPA for financial decisions.
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We can assist you with all your estate planning concerns.
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