Without an estate plan, what would happen if you were either no longer around or became incapacitated through sickness or injury?
Loved ones may need to navigate arduous court processes to get authorization to make decisions on your behalf if you are incapacitated
You could be left without the end-of-life care you want
The Calgary courts may assume you made no choices of beneficiaries and distribute your assets according to provincial law once you pass away
You could end up paying excessive taxes on the assets you leave behind
Your loved ones could be left wondering what you intended as they try to administer your estate
There are practical and emotional reasons for creating your estate plan as soon as possible. It is natural to want to protect loved ones and nobody wants their assets consumed by unnecessary taxes. Or perhaps you want to leave a charitable legacy behind with a donation from your estate?
Nobody intends to leave a mess for those they leave behind. But it happens frequently. Families are left guessing and frequently in conflict about what to do.
The Alberta government now suggests that residents put in place at least a minimal estate plan to avoid potential problems.
We can help you do that with a few simple documents that save many potential headaches.
What to discuss with your estate planning lawyer in Alberta
Although distributing your assets is important, an effective estate plan allows you to do this tax effectively.
Consider all the factors with your estate planning lawyer before making any decisions. This will ensure that more of what you leave behind gets to your loved ones rather than being eaten up in unnecessary taxes.
For instance, you should consider:
Your financial and moral obligations to those you leave behind
The financial (and other) needs of surviving family members
How to minimize tax from assets you want to pass on
How do you want to pass on your business?
Do you have interstate assets that need to be considered?
Your estate planning lawyer will also help you answer the following questions, which are part of a more complete plan:
Who will be responsible for the needs of dependent family members?
Who will look after your affairs (financial and medical) in the event of mental incapacity?
What are your preferences for end-of-life care?
How will you fund your needs in later life?
One of our experienced estate planning lawyers can help you make informed decisions about these difficult subjects – and execute a legally enforceable estate plan that reflects your wishes.
It is never too early to start estate planning – and most people need more than a simple will to cover their needs. A few essential documents can help you ensure that assets end up where you intend and that your children, spouse, or other loved ones are properly cared for. Our firm focuses on a wide range of Estate Planning services to suit all your needs.
Call 403-226-9757 or contact us through the form below to book a meet and greet with one of our estate lawyers. You don’t need to be wealthy to want the peace of mind that an estate plan brings. It is too late to make decisions if you lose the capacity to do so. Whatever your estate planning needs, contact us now for a free case evaluation.