Although most business owners in Alberta understand that legacy planning is an integral part of protecting their assets and dealing with succession planning. Coping with the business-related complexities such as tax issues and more could be challenging. However, seeking legal counsel who focuses on establishing wills and estates can simplify the process significantly.
Some people in Alberta diligently take care of estate planning at some time in their lives, but not all of them schedule the review of these documents to make sure they remain current. The contents of wills and estates are affected by life's changes and neglecting this task may render them useless. For example, a person whose brother is listed as the guardian of his or her children in the event of death may have relocated to another province, or even passed away himself, leaving no one available for this critical task.
Estate planning can be a daunting process for anyone in Alberta without the guidance of legal counsel. One of the estate planning tools that can help accomplish certain goals is a living trust. This option allows a person to pass property ownership to beneficiaries immediately. Once established, a living trust can be modified throughout the testator's life, and because the trust owns the assets, it does not form part of the trustor's estate and is therefore not subject to probate.
Alberta residents who have established estate plans will want to review those documents at regular intervals to ensure they remain current. Many of life's changes like births, deaths, marriages and divorces might affect those plans. Also, it is wise to make sure that previously named powers of attorney and personal directives are still available and able to play those crucial roles in the event of the testator becoming debilitated.
It is not uncommon for people to avoid thoughts about their own mortality. However, proper estate planning can provide valuable peace of mind, not only for the event of death but also to prepare for possible incapacitation. Many people in Alberta establish powers of attorney as a part of their estate planning.
Many people in Alberta might avoid thoughts about their mortality. However, the sooner they realize that death is not negotiable and debilitating injuries or illnesses can happen at any time, the better they could plan for such occurrences. Essential estate planning can be done as soon as a person starts to earn an income and acquire assets, and it can then be modified along with the twists and turns of life.
People in Alberta will no doubt agree that many important events occur at different times in their lives. Some of those are anticipated are planned for, while others happen without proper plans being in place. When it comes to wills and estates, plans are drafted for those events that are anticipated, and occasional reviews and modifications are done to address circumstances that were not part of the plans during the original development.
“In this world nothing can be said to be certain, except death and taxes,” Benjamin Franklin once said. But even leaving this world for the next doesn’t mean taxes can be escaped. A person who has just died still has to pay taxes on what they have left behind.
Many people are familiar with leaving assets to children in a will, but what about pets? Interestingly, passing "inheritances" onto furry friends is not as unusual in wills as some might think. Considerations for Alberta estates involving pets may include naming a guardian for their animals, as well as leaving some funds to cover living expenses while they are with the new owner.
Being named as an executor can be overwhelming and many people have questions about what their duties entail. Executors often take some steps before the person who named them passes away in order to ease the challenging tasks ahead. Alberta executors responsible for estates belonging to individuals who are seriously ill or aging and may be close to death should be particularly mindful of these preparation steps.