Are you planning an estate?
Estate Planning Lawyer in Alberta
What Is Estate Planning?
Estate planning is a process that anyone can do on their own with relatively simple estate planning tools. Webster’s Dictionary defines estate as ” the total of a person’s possessions at death, including money and real estate, personal belongings, etc.” In short, estate planning is how you plan for your estate to be distributed after you die.
You may think this sounds morbid, but most people tend not to know much about it until they actually have to go through the steps of having an estate plan set up. It also gives them peace of mind knowing that if something does happen to them, their loved ones will be taken care of financially or otherwise.
What Are The Benefits Of Estate Planning?
By planning ahead you will be inclined to make better decisions regarding saving, spending, investing etc.
You know how your estate will be distributed after your passing.
You can give your children or other loved ones money early on to help them build credit and establish themselves financially rather than waiting until you’re gone.
Your estate plan can benefit from estate tax exemptions which are only available if you’ve got an estate plan in place – another great reason why estate planning is beneficial! If left without a proper estate plan, the federal government may decide who gets what.
Services Our Law Office Can Provide You?
Our lawyers at Alberta Law Office can help provide you with estate planning to ensure you have peace of mind knowing your estate will be in good hands after you’ve gone.
Our estate lawyers can help with estate planning so that no matter what happens, you’ll know your estate is well taken care of.
These lawyers are here to answer any questions that you may have about estate planning and they can also provide estate plans for individuals or businesses.
The estate lawyer has experience helping executors distribute estates according to the terms laid out by the deceased even when there might be some resistance from family members. After all, it’s sad enough as it is, nobody wants disputes within the family over an estate as well! Our estate lawyers can help executors deal with creditors. Contact our office today.
More Than a Last Will and Testament
An estate plan is more than simply a will. An estate plan can include a living will, durable power of attorney for health care, powers of attorney for finances and communication, guardianship documents if you are frail or need full-time care and instructions on how to distribute your assets should you die beforehand. An estate plan can not only protect your assets should you die, but it can also help make sure that your loved ones are taken care of financially after you pass.
Giving Power of Attorney
If you are not able to make decisions for yourself, it is important to appoint someone else to act on your behalf. This person is known as a power of attorney. A power of attorney gives the appointed person the authority to take care of certain personal affairs on your behalf, such as making financial decisions or caring for your medical needs.
Durable Power of Attorney
A durable power of attorney can help ensure that critical medical and financial decisions are made in an emergency situation if you cannot be contacted. The document charges a trusted friend or family member with taking care of certain matters should you become unable to make decisions for yourself.
A living will is a legal document that allows you to specify what kind of medical care you want should you become incapacitated. This information can be vital in deciding who makes your healthcare decisions if you cannot make them yourself.
Powers of Attorney for Finances and Communication
If something happens and it becomes difficult or impossible to communicate with someone about important financial matters, appointing a power of attorney for finances may help resolve the issue. The person appointed with this authority can also handle any bank accounts and investments on your behalf should anything happen to you.
Being an estate representative and settling the estate
If you die without a will, your estate will go through probate. This process can be time-consuming and expensive, so it is important to have an estate representative help with the preparation and settlement of your estate. An estate representative can act as a liaison between you and the people who are involved in settling your affairs, helping to reduce confusion and stress during this difficult process.
Notify the federal government of a death
If you die without leaving a will, the government may assume ownership of your property. Make sure to notify the appropriate agencies of your death so that any assets you leave can be distributed as you wish.