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Wills & Estates
A will is a legal document that expresses your wishes for the distribution of your assets and the care of any minor children on your passing, or incapacitation. Without a will, those wishes may not be carried out and your heirs may end up spending more time, money, and emotional energy settling your affairs.
Wills
Why you need one...
Having a Will is recommended for everybody, regardless of age, to protect themselves and ensure that their estate is taken care of in the event of incapacity or death. It sets your instructions as well as where you want your property to go. Having a Will also relieves family members of the burden of making these hard decisions.
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Without a Will, parties will have to apply to the court to appoint an administrator, and once appointed, the Alberta Wills and Succession Act will dictate how property is distributed; this can lead to a lot of uncertainty and disagreements among family members, as well as numerous delays and court trips.
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Important decisions to consider when writing a will
Personal Directive
If the time comes that you are no longer capable to make decisions for yourself, a Personal Directive can detail desired arrangements, health and/or treatment wishes, among other items.
Enduring Power of Attorney
You can appoint a person to make financial and legal decisions on your behalf while you are still alive, and this can continue in the event you have also lost your mental capacity. This person acts on your behalf for your financial affairs, such as banking, paying bills, and/or the sale of a property.
Child Guardians
Appointing a guardian enables you to designate who will care for your minor children in the event that you die and the other parent is unable to care for them. Additionally, you can provide for their financial needs. In the absence of a Will, the court will appoint a guardian for your children.
Beneficiaries
You can designate and address certain individuals to receive your money, gifts, properties, or other assets following your death. These chosen individuals are referred to as beneficiaries, and you may have as many as you choose. It is critical that each item is written out completely. Additionally, you can save on estate taxes by establishing a trust and leaving more to your beneficiaries through a Will.
Executor
An Executor is a person you choose to guarantee your orders and wishes are carried out (as per your instructions) after you pass. You should talk to your chosen individual about this if it involves particular obligations that you'd like them to take on, and make sure they're aware of what's involved and agree to it.
Keep Curent
When to update your will
There are numerous reasons to make a Will, the most important of which is to guarantee that your wishes are clearly stated, especially if you have surviving loved ones and family members. If your marital status or family status has changed (new children, a loved one has passed away, or a loved one is no longer present in your life), you have moved out of the province, or your assets have changed significantly, it is critical to update your Will as soon as possible to avoid any complications.
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