Some people in Alberta shy away from thoughts about their own and their spouses’ deaths. However, dealing with wills and estates in a timely manner can provide peace of mind. Losing a spouse is understandably traumatic, though having estate plans in place can ease the financial and emotional impact of such a loss.
Couples are advised to discuss their estates to ensure each spouse understands the wishes of the other. Such understanding is crucial in order to reduce the challenges and stress down the road when a spouse dies. Establishing an information package will help the spouse who has to execute the estate of a deceased spouse.
An estate information package could include copies of estate documents and a will. Furthermore, a list of financial accounts and intended beneficiaries of assets can be helpful, as well as details of significant assets and debts. Even if family members offer their help to ease the process at a difficult time in the aftermath of a spouse’s death, having access to an information package could be invaluable.
Dealing with estate planning typically brings about questions and other challenges that might be best dealt with by an experienced Alberta estate planning lawyer. Legal counsel can assess the circumstances of each spouse and then base suggestions on that information, and explain each spouse’s obligations. The lawyer can explain the tax and other legal aspects and applicable laws while ensuring that all the necessary matters are appropriately addressed. The lawyer can ensure that both spouses understand each other’s wills and details of any property that will have to be transferred.