Who Can You Appoint as Your Estate Trustee in Alberta? 

One of your most important decisions is who to appoint as your estate trustee.

You name This person (or people) in your will to take care of your financial assets after you have passed away.

Usually, this is:

• A spouse
• An adult child
• Another relative
• A friend
• A lawyer or financial advisor
• A trust company

Responsibilities of the appointed estate trustee 

Whoever you appoint as a trustee has significant responsibilities, including:

• Arranging the funeral and burial
• Confirming that the Will appointing the estate trustee is the last Will
• Identifying the beneficiaries and notifying them of their interests in the estate
• Creating a complete inventory of assets, along with their values
• Maintaining proper accounts
• Determining any debts owed by the deceased (including taxes) and settling or contesting them
• Acquiring legal advice on the administration of the estate, if necessary
• Opening an estate bank account, if necessary
• Administration of any applicable trusts established by the Will
• Distributing assets correctly according to the Will

Developing your estate plan in Alberta

If you are yet to start on your estate plan, follow these steps for an executable plan that serves you in the future:

Step 1 – Consult your advisors

Make sure that you have the right team of people advising you. 

Generally, this will be an estate planning professional like a lawyer, financial advisor or accountant.

If you have a business, your estate planning requirements may be more complex and you may need to involve a business valuator, advisory board or family council in your decision-making.

Step 2 – Determine the goals of estate planning

What do you want your estate planning to achieve?

Talk your main goals through with your chosen advisor(s) and clearly communicate your expectations. 

Most likely, practical and financial goals for you and your family will need to be balanced with other less-tangible goals like achieving protection and peace of mind for loved ones you leave behind.

Step 3 – Share your plan with your family

This is an important step in estate planning that some people miss. It can be a difficult subject to discuss but the input of your family members may be important.

Ensure that people will receive the assets they want and value. For instance, if you wish for your business to continue when you’re gone, there is little point in leaving it to a family member with no interest in running it.

Remember that if you leave assets to young children, you may not want to share this information with them until they are older.

Step 4 – Implement your estate plan

To implement your plan and make it executable, it must be drawn up by a lawyer, accountant, financial advisor, or other qualified professional.

Otherwise, you may be creating more problems for the family members you leave behind.

Step 5 – Monitor your estate plan

An estate plan should not be fixed in stone and there should be plenty of room to make adjustments. The younger you are when you make your plan, the more important this step is.

Treat it as an annual plan that is reviewed regularly. As circumstances change, adjust your estate plan and make sure that any changes are legally enforceable.

Tools for creating an effective estate plan

Wills

Your will details how your property will be distributed upon your death and names an executor to look after your estate.

Power of Attorney

Enduring power of attorney empowers a person you trust (usually a close family member) to legally make financial decisions on your behalf, if and when you can no longer make these decisions. More information can be found here.

Trusts

Trusts are a useful estate planning tool if you want somebody else to enjoy the benefits of your assets without necessarily being the legal owner. They are often used for passing assets onto minor children, second spouses or an incapacitated surviving loved one, for example.

Setting up trusts is often seen as a tax-effective measure that also maintains privacy.

Insurance Protection

A complete estate plan should also consider insurance protection for your assets. 

This includes everything from insuring a business to taking out a full life insurance policy in the event that something unexpected happens to you.

Need help with your estate plan?

Call Spectrum Family Law for advice on creating your estate plan. We’re waiting to help you.