You have probably heard of a will, but do you truly understand what it is and how it can affect your life? You may think it’s something you won’t have to consider until you’re older – but that’s not always the case. In truth, a will is an incredibly crucial document that everyone should have in place, no matter their stage in life. This is because it guarantees that you and your assets are prepared for any situation.
It is important to familiarize yourself with the basics of a will. For more information, contact us at Verhaeghe Law to speak to an estate lawyer and discuss your unique circumstances.
What is a Will?
According to the Government of Alberta, a will is a legal document that outlines what will happen to your property and assets after your death. It allows someone to:
- Direct how property will be distributed after their death
- Name a personal representative who represents their estate after they have passed and carries out the wishes stated in their will
- Name a guardian for any underage children
- And more
A personal representative can either be an executor or an administrator of the estate of a deceased person. Their role can include many duties, such as:
- Locating assets
- Paying off funeral costs and debts
- Distributing estate property to the beneficiaries
- And more
Benefits of Having a Will
So, why should you write a will? First, it can be a major stress reliever. At a time when family and loved ones may be dealing with grief, it sets out a plan that ensures the deceased’s last wishes are followed.
Writing a will with a lawyer guarantees that your assets are distributed exactly how you would like. Without one, this may not happen–verbally expressing your desires is not enough. If you die without a will, the deceased person’s estate will be distributed as per the Wills and Succession Act and the Estate Administration Act in Alberta. This can be very complicated and overwhelming for surviving friends and family.
A will can also help to reduce potential family disputes while minimizing overall legal costs. It may also be useful for business succession planning if you or a loved one is a business owner.
Types of Wills in Alberta
There are many things to consider when preparing your will. You should speak with an Edmonton estate lawyer if you’re thinking about creating or updating your will, as they can review your options and guide you through the process. It is important to know that there are different types of wills that you may have in Alberta. These include:
- A Formal Will: Is in writing and has your signature. It must also be signed by two witnesses, who then sign in your presence. It may be drafted by a lawyer, and you must be over the age of 18 and mentally competent to have one.
- A Holograph Will: Is created entirely on your own and signed by just yourself. They tend to be more informal, as they are not drafted by a lawyer. They do not have to be witnessed and tend to be written by hand. Holograph wills are valid legal documentation in Alberta if they clearly express intent to leave gifts after death.
Mistakes are more likely to be made when it comes to holograph wills, which can render them incomplete or make them easier to dispute. For this reason, it’s important that you discuss the type of will you have and possible improvements with an experienced Edmonton wills & estate lawyer.
How Our Edmonton Wills & Estates Lawyers Can Help You
Some people only think about writing a will when their life has altered in some way, like when they receive a serious medical diagnosis, get married, or have a child. That being said, there is never going to be a “perfect” time to get started on your will. One never knows what the future holds, so it is best to be as prepared as possible, as soon as possible.
At Verhaeghe Law Office, our lawyers may be able to help you through your wills and estate planning, wherever you are in the process. Contact us today to schedule a consultation.
** Please note, this article is intended as a general overview on the subject of estate law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta estate lawyer.