Edmonton Wills & Estate Planning

Frequently Asked Questions

What is a will?

A will is:

• Legal document – That outlines your wishes
• Names executor – Person to handle your estate
• Distributes assets – Specifies who gets what
• Names guardians – For minor children
• Can include trusts – For specific purposes
• Must be valid – Follow legal requirements

What happens if I die without a will?

Intestacy rules:

• Provincial law decides – Who gets your estate
• Spouse gets share – Specific percentage
• Children get share – If no spouse
• Parents may inherit – If no spouse or children
• Government may get – If no relatives
• Court appoints administrator – To handle estate

How do I choose an executor?

Consider someone who is:

• Trustworthy – Can be relied upon
• Organized – Good with details
• Available – Has time to handle estate
• Impartial – Can be fair to all
• Financially responsible – Good with money
• Local – Lives in Alberta

What is probate?

Probate is:

• Court process – Validates the will
• Confirms executor – Gives legal authority
• Protects beneficiaries – Ensures proper distribution
• May be required – For certain assets
• Can be expensive – Court fees apply
• Takes time – Process can be lengthy

How can I reduce probate fees?

Options include:

• Joint ownership – With right of survivorship
• Beneficiary designations – On insurance and pensions
• Gifts during life – Transfer assets before death
• Multiple wills – Separate probate and non-probate
• Trust arrangements – Can avoid probate
• Proper planning – With legal advice

What is a power of attorney?

Power of attorney:

• Financial authority – For managing money
• Can be limited – Specific powers only
• Can be general – Broad authority
• Can be enduring – Continues if incapacitated
• Must be trusted – Person has significant power
• Can be revoked – While competent

What is a personal directive?

Personal directive:

• Healthcare decisions – When you can’t decide
• Living will – End-of-life wishes
• Personal care – Non-medical decisions
• Must be clear – About your wishes
• Should be accessible – When needed
• Can be combined – With power of attorney

How often should I update my will?

Update when:

• Major life changes – Marriage, divorce, birth
• Asset changes – Significant property changes
• Executor changes – If original choice unavailable
• Law changes – New legislation affects estate
• Moving provinces – Different rules may apply
• Every few years – Regular review recommended

What is estate tax?

In Alberta:

• No estate tax – But other taxes may apply
• Capital gains – On certain assets
• Probate fees – Based on estate value
• Income tax – Final return required
• RRSP/RRIF – Taxed on death
• Planning can reduce – Tax burden

Can I disinherit someone?

In Alberta:

• Spouse has rights – Cannot be completely disinherited
• Dependents may claim – If adequately provided for
• Must be clear – In will
• May be challenged – In court
• Consider consequences – Of disinheritance
• Get legal advice – Before attempting

What is a testamentary trust?

Testamentary trust:

• Created by will – After death
• Manages assets – For beneficiaries
• Can be for minors – Until they reach age
• Tax advantages – Possible tax savings
• Protects assets – From creditors
• Requires trustee – To manage

How do I protect my business?

Business succession:

• Buy-sell agreement – With partners
• Life insurance – To fund buyout
• Trust arrangements – For smooth transition
• Training successor – If family business
• Valuation methods – Agreed in advance
• Tax planning – For transfer

What happens to my digital assets?

Digital assets:

• Include online accounts – Social media, email
• May need access – For executor
• Passwords needed – For management
• Can be valuable – Intellectual property
• Should be listed – In estate plan
• Need instructions – For handling

How do I find a good lawyer?

Finding a lawyer:

• Check experience – Look for estate law specialization
• Review credentials – Professional qualifications
• Consider reputation – Standing in legal community
• Check references – From other clients
• Interview multiple – Meet with several lawyers
• Get referrals – Ask for recommendations