Tips On How To Reduce Your Estate Planning Costs In Alberta
Does estate planning involve more than just preparing a will? A will is an important document that allows you to direct what happens to your property when you pass. Without one, you may be leaving your loved ones without the financial security they deserve. But estate planning doesn’t end with a will.
In Alberta, it is important to have a personal directive, which assigns a person you trust to make personal decisions on your behalf in the event that you become unable to do so due to illness or injury. You should also have an enduring power of attorney, which assigns a person you trust to make financial decisions on your behalf. Like the personal directive, it only comes into effect if you become unable to make your own decisions.
While a will, a personal directive and an enduring power of attorney are the three key documents you need to plan your estate, many people choose to put extra protection in place for their family. One of our Edmonton estate lawyers can help you determine what steps you ought to take to complete your estate planning.
Typical Estate Planning Costs
Legal fees are the main estate planning cost. This cost can vary depending on the lawyer, the complexity of the estate and a variety of other factors.
In addition, many people choose to transfer property into joint tenancy with their intended beneficiary so that the property flows automatically rather than needing to go through the estate. While this strategy has its advantages, it comes with additional costs such as land transfer tax.
Many people choose to plan and pay for their funeral costs in advance. This can relieve your relatives of both stress and financial difficulty during an already painful time.
Minimize Your Estate Planning Costs
Some people may tell you that you can reduce your estate planning costs by writing a will yourself or using a will kit but there are significant risks involved with these strategies. You are an individual with a unique life. Even if you suspect your estate is relatively simple, it still pays to have a lawyer involved in the process of estate planning.
Tips on how to reduce your estate planning costs in Alberta while protecting your future beneficiaries include:
- inquiring with your lawyer about flat rates for the preparation of key documents (such as wills, personal directives and enduring powers of attorney)
- being organized and having all the information you need for the preparation of your documents readily available for your lawyer
- not leaving your estate planning to the last minute (a rush job may end up costing you more in fees and you run the risk of missing something)
- communicate with your family first to avoid having to prepare documents twice or fix mistakes (check with anyone you intend to assign as a personal representative or guardian of a minor child to make sure that they are willing to accept these roles).
Contact Our Edmonton Estate Lawyers Today For Legal Help
It is possible to balance your need to minimize estate planning costs with your need to ensure your family is protected. The expenses you pay to organize your affairs today can ensure your family’s financial security after you are gone. Contact our team of Edmonton estate lawyers or call us today by dialling (587) 410-2500 to discuss how to reduce your estate planning costs in Alberta.
*Disclaimer: Please note that this article is intended to provide a general overview of the legal topic and does not constitute legal advice. For advice regarding your legal matter, please consult with an Edmonton estate lawyer.