Author: Drew Jarisz
What Is a Contingent Beneficiary in Alberta?
Contingent Beneficiary in Alberta When people make wills in Alberta, part of the process is to name beneficiaries, i.e., those who will inherit their assets after they die. But did you know that there are different types of beneficiaries? “Contingent beneficiaries” may not be a commonly used term in estate planning but it does crop up in many wills and life insurance policies, in addition to “primary” beneficiaries. This can create confusion among family members even though the will-maker only intends to ensure that a particular asset ends up in the right place. So, what exactly is a contingent [...]
Ultimate Guide to Executor Fees in Alberta
Executors and Settling an Estate in Alberta If you are named as a personal representative (executor of a will) in Alberta, it comes with significant responsibilities and considerable time and effort may be involved. The estate laws in Alberta protect you to some degree, ensuring that you are not out of pocket for performing duties or for fees associated with administering the estate or carrying out the decedent’s final wishes. But what executor fees should you be paid, specifically? And how will you be reimbursed for out-of-pocket expenses? Whether you’ve taken on the role of personal representative recently [...]
Can the Executor Probate a Will Without a Lawyer in Alberta?
Executors Probating Wills Without a Lawyer For capable executors handling simple estates, probating a will without legal assistance is certainly possible and may save money. However, in many cases, the probate process is not so straightforward as first appears and complications and delays can arise that may not go down well with beneficiaries or other interested parties. It may also cost considerable amounts to rectify a situation or defend the estate or your own actions from a lawsuit. Let’s take a look at what the probate process entails for a personal representative in Edmonton and the pros and [...]
What to Consider When Making a Will in Alberta
Considerations When Making a Will in Alberta Some people fail to make adequate provisions for loved ones after they are gone by not putting the necessary time and effort into making a will. Your will needs plenty of care and consideration even before you sit down and attempt to write it. When you do start to put pen to paper, you may find that you need the help of an estate planning lawyer to ensure that you cover everything you intend to cover and make it enforceable. Here are the main points to consider if you are [...]
The Importance of Will & Estate Planning
Nobody wants expensive, stressful and time-consuming estate litigation after a loved one passes but it’s amazing how many Canadians fail to take the necessary precautions to prevent it. A recent report by the Angus Reid Institute found that over half of Canadians have no last will and testament in place. Even fewer Canadians have an up-to-date will and women are more likely than men to be in this bracket. This lack of preparation when it comes to making a will and estate planning can make life difficult for those left behind. If your wishes are not clearly communicated in a [...]
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