Have you ever thought about what would happen to your assets if something happened to you?
While it might not be something you want to think about, it’s important that right from the moment you begin to accrue assets, start a family, and build up your wealth, you give serious thought to creating an estate plan. Without one, should you die or become incapacitated, your assets might not be as protected as you would wish.
With help from experienced will lawyers in Edmonton, you can start the ball rolling and make the necessary provisions for your assets.
Here are some of the documents commonly required for an effective and comprehensive estate plan:
Will
A will not only outlines how you wish to distribute your assets in the event of your death but also names an individual as your personal representative.
Power of Attorney
An enduring power of attorney empowers a trusted individual to make financial decisions on your behalf should you no longer be able to do so.
Personal Directive
While a power of attorney concerns financial decisions, a personal directive gives the legal power to make decisions about things that aren’t related to your finances to a trusted adult.
Trusts
The creation of a trust allows you to transfer property, in a tax-effective manner, to a third party who will hold it for a beneficiary such as a loved one who is incapacitated or a child classed as a minor. This means that while they may not be the legal owner of the property, they can still benefit from your assets.
Now that you know the documents required, here are some simple steps you can take to begin your estate planning journey:
- Figure out your main goals.
Whether you want to cover concerns about care as you age, protect dependents, or transfer assets in a tax-efficient manner, determining your estate planning goals is the first step to take. Remember that a local lawyer experienced in wills and estates can offer you invaluable advice and support.
- Seek advice from a professional.
As touched upon above, working with someone who understands wills and estates laws in Alberta can help you make strategic decisions that support your wishes and goals most effectively.
- Talk to your family (and friends, where appropriate) about your estate plan.
It’s essential that anyone involved in your estate plan is given the opportunity to voice any concerns they might have about their role in it, ask questions, and give their input related to certain sentimental assets.
- Take the extra steps necessary if you’re the owner of a business.
Business owners will also need to think about such things as life insurance and succession plans to make sure the business can function in their absence or be sold.
- Create the right documentation.
This is where help from a local wills and estate lawyer can prove essential. Once all the above steps have been completed successfully, the right documentation needs to be drawn up. For it to be free of errors, legally enforceable, and reflect your wishes accurately, help from a lawyer is invaluable.
Once you’ve followed the steps outlined above and have successfully created an estate plan with guidance from wills and estate lawyers in Edmonton, you should take the time to review it as you age and every time your circumstances change. The younger you were when you created your estate plan, the sooner you’ll need to begin reviewing it. Remember that changes made to any of the documents must be carried out in the presence of a lawyer to ensure that everything is made legal.