In short form – estate planning refers to how your assets and money will be distributed and debts/financial obligations will be managed after you pass away away. For most individuals, estate planning can be challenging given that you have to think about succession planning after you pass away. And the larger and more complex one’s estate is – the more challenging this task may seem. However, having an estate plan in place sooner than later can save your loved ones a lot of money and grief down the road should any conflicts arise on how the estate gets settled.
Estate planning can include a variety of things such as:
- Who gets what after you pass away
- Complex will planning
- Lawyer and financial representative referrals
- Providing for beneficiaries
- Charitable planning
- Setting up trusts and inter vivos trusts
- Minimizing probate fees
- Cottage succession planning
- Investment property succession planning
- The distribution or re-investment of your investments including RRSPs, RESPs and other types of financial investments
- Family law and special needs planning
- Life insurance policies and retirement planning
- Incapacity planning and personal care planning
- Financial incapacity planning
- Personal care planning
- And more
Estate Planning Checklist in Alberta
In an earlier blog post – we discussed the importance of having an estate planning checklist and things to consider when estate planning in Alberta. Our Edmonton wills and estates lawyers always emphasize that having an estate plan not only minimizes room for conflict down the road – but also alleviates certain burdens from your loved ones during their time of grief. For example – you will want to consider things like how unsheltered assets will get spent, how to take advantage of RRSP contributions, how property gets transferred (including joint property), how funeral arrangements will take place and get paid for and life insurance policies. Before putting your estate plan in place and consulting with a lawyer – read our blog titled Estate Planning Checklist.
High Value Estate Planning in Alberta
In some cases where the estate is rather large and complex and/or if cross border assets are involved – it is imperative that you consult with an Edmonton estate planning lawyer to ensure that those assets and funds are distributed according to your last wishes appropriately. It is also important to have a proper estate plan in place to minimize the risk of conflict amongst your loved ones or beneficiaries after you pass on especially in high value estates.
Contact Our Edmonton Estate Planning Lawyers Today
If you require legal assistance from an Edmonton estate planning lawyer – contact our law firm today to book a consultation with a member of our legal team. You can book a consultation by live chatting with one of our online agents, filling out an online contact form or by dialing 587-410-2500 now. We look forward to hearing from you and are ready to assist with all your estate planning needs today.
Disclaimer: This article is in now ay intended to act as legal advice and is instead intended to act as a general overview on a legal topic. For specific legal advice pertaining to your case – contact an estate planning lawyer.
