Category: Blog
How Does Separation or Divorce Affect My Estate Planning?
Separation and estate planning in Alberta The end of a marriage or common-law relationship causes changes in many important aspects of your life. It can be a period of considerable turmoil, and it is not surprising that one area people may forget to deal with is the impact of the separation or divorce on their estate planning. The end of your relationship probably means that some of the people named in your will, your personal directive or your power of attorney are no longer the people you want to be there. You may also have new people in [...]
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 [...]
Is an Ex-Spouse Entitled to the Deceased’s Estate in Alberta?
Making an estate plan as early as possible in life is a wise move — but it only works if you revisit your plan frequently and make the necessary changes as your life situation evolves. A divorce is one such event that can complicate many aspects of one’s life — including your estate plan. Unless you make changes to your will, for instance, there may be unintended consequences after you pass away. An ex-spouse or adult interdependent partner (AIP) could potentially claim a share of your estate, against your wishes, unless the appropriate documentation is updated. Ambiguity with estate [...]
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 [...]
New Trustee Act Intended to Simplify Estate Management in Alberta
On March 29, 2022, the Alberta government introduced Bill 12, the Trustee Act, which the province has described as legislation to make it “more efficient to create and manage trusts while reducing the need to go to court”. The Act received Royal Assent on April 29 and will come into force upon proclamation. These legislative changes may make trusts a more interesting option for people of all income levels to manage their assets. Learn More → Difference Between an Estate Trustee and an Executor in Alberta? Contact Us Today What is a Trust and How is [...]
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 [...]
How Will Planning Can Save You Money in Alberta
It’s amazing how many people view having a will prepared by an estate planning lawyer as a cost or expense. We believe that will planning and will writing is an investment in the future for you and your loved ones. Yes, there may be a modest fee to pay for the professional assistance you receive for preparing a legally enforceable will — but neither of the alternatives is a great option: no will that leaves your family open to squabbles and extra costs or a DIY will that is not legally enforceable and may lead to expensive legal [...]
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 [...]
The Effect of the New Estate Administration Act in Alberta
What we term the “New Estate Administration Act” actually came into force in Alberta in June 2015. The laws encoded in the Estate Administration Act govern the duties of administrators, executors and trustees who are tasked with managing estates. Within the Act, they are referred to as “personal representatives” of the decedent — the most commonly used term now in Alberta. As well as outlining the duties of personal representatives, the New Estate Administration Act helps to explain the rights of beneficiaries, what happens when someone dies without a will, how and when a will may be challenged [...]
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 [...]
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