Everyone plans for their future differently. Our wills and estates lawyers at Kahane Law Office in Edmonton are available to help with your estate planning needs. It’s very important to have a will. Without one, provincial law will determine who will inherit your estate and when the person will receive it. Call our law office in Edmonton, Alberta today at (780) 571-8463 to set up a meeting. We’d love to help you draft a will that reflects your wishes.
What Factors Do Wills Cover?
When you work with the wills and estates lawyers at Kahane Law, we review each factor that can be covered in your will. Often, people are concerned about some issues more than others. With you, we determine many things regarding how your estate will be handled, including:
Who Inherits Your Estate
When it comes to deciding who will benefit from your estate, the choice is predominantly yours. We simply ensure Alberta law is followed, with respect to the terms in the will, but you’re the one who allots specific assets to certain people and/or splits your estate into percentage shares. Some people decide to give to charities, while others give to family members or specifically choose to disinherit someone.
Who Administers Your Estate
Choosing who administers your estate means selecting someone you trust. This person – deemed the executor, executrix or personal representative – does many things after your death, including managing your assets, running your business for your estate, ensuring your beneficiaries receive what you’d like them to and investing your estate’s assets for the benefit of your beneficiaries. Your executor will also file your final tax return.
How To Set Up A Trust For Your Kids, Spouse And Other Loved Ones
Through your will, you can set up a trust to make sure your loved ones, be they a minor beneficiary, spouse(s), disabled beneficiary, spendthrift or someone else, receive your inheritance when they’re ready to manage it responsibly. Our testamentary trust lawyers help you set up these trust provisions. Though your estate’s assets may be used for your beneficiary’s day-to-day living expenses and education costs, many people choose to leave the bulk of their estate to their kids after they turn 18, when they officially become adults (in Alberta) and are more financially responsible. Other times, people give one person the income from their assets and another person their capital.
Picking Guardians Of Your Children
Choosing a trusted friend or family member to be guardian of your children, should you and your spouse both pass away, is an important decision. In most cases, the living parent will continue to raise your child/children, but it is wise to appoint a guardian for your children in your will. Head here to learn more about wills after you have had children.
Contact us today for help in drafting, reviewing or editing your will. Please note: in Alberta, the laws regarding wills and estate administration changed on February 1, 2012, when The Wills and Succession Act was proclaimed. The legislation made substantial changes to wills and estates planning. If you’re unsure how these changes affect your will, Kahane Law Office would be pleased to review and assist, as needed. You can reach our Edmonton, Alberta office directly at (780) 571-8463 or call us toll-free at 1-877-225-8817. You can alsoemail us directly here.