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Author: Eric Lam

How to Make a Power of Attorney in Alberta

A power of attorney is an important estate planning document for many Albertans and, unlike a will, it can help protect you and your finances while you’re still alive. If you face an emergency that leaves you unable to make important financial decisions, a power of attorney authorizes an individual (or individuals) to legally make decisions on your behalf. But there are different types of power of attorney and, to be valid in Alberta, you must follow a set of guidelines when creating one. Here’s what you need to know. Contact Us Today What is a general [...]

By |30/01/2023|

Factors Used in Selecting a Suitable Guardian for Your Child in Alberta

Have you ever thought about what would happen to your children if you were no longer around?It’s a tough question that many couples and individuals postpone answering. However, addressing it now in a will can provide the peace of mind that if something happens to you, your children will be cared for.The best solution is to name a legal guardian in a will that is properly drafted by an estate planning lawyer.That way, you will have the assurance that a suitable person of your choosing can be authorized to take care of your children rather than requiring the Alberta family [...]

By |26/01/2023|

Understanding What per stirpes Means

Understanding What per stirpes means in Alberta Considering how important wills are, it can be frustrating for both will-makers and beneficiaries when the terminology used is confusing. There are several phrases adopted commonly in wills in Alberta that will not be immediately obvious to a will-maker and require explanation so that there are no misunderstandings. Per stirpes is one such phrase. It’s a Latin term that is pronounced “purr stir peas” and you may hear an estate planning lawyer use it as you discuss the contents of a will. Literally, it means “by branch” or “by representation” and, in [...]

By |17/11/2022|

What Assets are Subject to Probate in Alberta?

If you have been named as the personal representative in someone’s will, you may need to apply for probate. It is important to understand your role and responsibilities as a personal representative, what probate is, and how it is impacted by the nature of the assets in the estate. If the estate is complex, involves different types of assets, or if you are unsure about how to administer the estate, it is prudent to seek legal advice. Learn More → How to contest a will in Alberta Contact Us What is Probate? Probate is the [...]

By |17/11/2022|

Enduring Power of Attorney Vs. Personal Directives

Most people in Alberta know that they need to make a last will and testament at some point in their lives. But there are two other essential estate planning documents that far fewer people are either aware of or get around to creating. If a person loses mental capacity or faces a medical emergency that leaves him/her unable to make financial and healthcare decisions in the future, it can lead to considerable problems for family members. An enduring power of attorney and personal directive help decide matters that may affect a person while still alive — unlike a will, [...]

By |31/10/2022|

Why Should I Hire an Estate Planning Lawyer?

For most of us, planning for what will happen when we pass away is something we would rather not think about. However, there are some good reasons why taking care of your estate planning now is a good idea – one that can actually give you and your loved ones some reassurance and peace of mind. The process doesn’t have to be painful, either. An experienced estate planning lawyer will know what matters need to be addressed, and can help you turn your mind to the relevant considerations. Then they can walk you through the steps of putting in [...]

By |19/09/2022|

Guide to the Wills and Succession Act in Alberta

Since 2012, the principal legislation governing the administration of estates in Alberta has been the Wills and Succession Act. This important document deals with a wide range of issues concerning wills, the rights of family members when there is no will, survivorship rules, and much more. If you haven’t already done so, it’s important to review your estate plan to ensure that it takes the provisions of the Wills and Succession Act into account. For people with no estate plan, it may be a good time to familiarize yourself with the main provisions in the Act and discuss your [...]

By |22/08/2022|

Difference Between Grant of Probate & Grant of Administration in Alberta

Grant of Probate VS Grant of Administration A grant of probate and a grant of administration serve similar purposes but in different circumstances. When someone dies after having written a will in Alberta, this will must usually go through a probate process in the Alberta courts before the estate of the deceased can be distributed. If someone dies without a will in Alberta, the estate cannot be distributed until a grant of administration is issued by the courts. This is an order granting the power to manage the deceased’s estate according to the intestacy laws in the province. Both [...]

By |19/07/2022|

Reducing Your Estate Planning Costs in Alberta

How to Manage Estate Planning Costs in Alberta Reducing Your Estate Planning Costs  The costs of preparing your estate and administering it in probate can dramatically decrease the amount that is left for your beneficiaries. By working with an estate planning lawyer, you can find the rights strategies to reduce your planning costs and mitigate the expenses incurred by the estate after your death.   What Are Common Estate Costs? There are several different fees that affect estates in Alberta. Each province sets its own probate fees. In Alberta, these fees are calculated as a percentage of the total value [...]

By |26/05/2022|

Mistakes Executors Make When Probating Estates in Alberta

An executor of a will or personal representative (as it is now termed in Alberta) carries considerable responsibilities. While it should be regarded as a great honour to be named as the individual entrusted to look after the affairs of a deceased person, it can also be a stressful time. You must carry out the last wishes of the deceased, transfer assets to beneficiaries, and sometimes deal with difficult family members. The actions of a personal representative are often closely scrutinized. You can be held personally liable for mistakes or misconduct associated with administering a will. But what [...]

By |11/05/2022|

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