As the new year approaches, many people take time to reflect on their lives and create resolutions to follow in the months ahead. While popular goals people set usually involve their health, fitness, or careers, one crucial resolution is estate planning. Creating or updating a will is a proactive step you can take to make sure your loved ones are protected and your wishes are respected after you pass.
If you live in Edmonton or Alberta, Verhaeghe Law is here to help guide you through the process of drafting a will tailored to your needs. Our experienced Edmonton wills and estates lawyers can help you navigate the creation of your will while helping you identify the components that are most important to you. To get started, schedule a consultation with our legal team today.
What is a Will, and Why is it Important?
A will is a legal document that outlines how your property will be divided and who will manage your estate when you pass away. A will also allows you to name guardians if you have children who are minors, or set out specific instructions for your belongings or assets.
If you don’t have a will, your estate will most likely be distributed according to Alberta’s Wills and Succession Act. This process, referred to as intestate succession, allows the government of Alberta to decide how your assets get distributed upon your passing. As a result, your wishes may not be followed in the way you intend.
Having a valid will can offer several benefits at all times of the year, including:
- Ensuring your assets go to the people and organizations you care about most
- Reducing the likelihood of disputes arising among family members after your passing
- Providing peace of mind for you and your loved ones in the event of a sudden or unexpected situation
- And more
Why Start the New Year With a Will?
- A Fresh Start for Your Financial and Legal Affairs
For many people, the New Year symbolizes a fresh start socially, physically, and financially. As a result, it’s an ideal time to think about taking control of your financial and legal well-being. A will serves as the cornerstone of an effective estate plan as it helps you organize your assets and plan for the future.
- Feel Certain and Secure About the Year Ahead
No one can predict the future. However, when you decide to create a will, you can ensure your family is taken care of, no matter what happens during the year ahead. If the past few years have taught Albertans anything, it’s that unexpected events can have significant impacts on our lives when we’re not prepared for them. A will provides security and certainty for your loved ones so that they can feel confident all year long.
- The Holidays Are a Perfect Time to Have Important Conversations
During the holiday season, in the lead-up to and aftermath of the New Year, it’s common for people to spend extra time with their families. Although the holidays can be hectic, it is likely that you will see your family more often than at any other point during your busy year. As a result, you may have additional opportunities to speak with your loved ones about your and their future when it comes to estate planning.
Whether you wish to discuss the details of your will with your children or name your sister as the executor of your estate, you can speak about it when you see them at a holiday dinner or a family gathering. This makes the holidays and the new year an ideal time to consider creating or updating your will.
- You Have New Assets to Think About
During the holidays and New Year, friends and family members exchange presents more often than at any other time during the year. You may receive gifts like large sums of money or expensive items like cars or real estate.
Whether your parents decided to surprise you with keys to a new car, or your wife decided to add some upgrades to your house over the holidays, any added value to your estate should be protected. When you create or update your will, you can make sure that the gifts you have received are accounted for and will be distributed according to your wishes when the time comes.
- It’s Easier Than You Think
Drafting a will doesn’t have to be a complicated, drawn-out process. Working with an experienced wills and estates lawyer will ensure that the process is smooth, efficient, and legally sound. At Verhaeghe Law, our knowledgeable team makes getting started with your will simple while answering any questions you have along the way.
How Verhaeghe Law Can Help You Draft a Will
At Verhaeghe Law, we understand that estate planning can feel overwhelming. This is especially true if it’s your first time creating a will. Our team of Edmonton wills and estates lawyers will work closely with you to create a unique, personalized will that reflects your needs.
We can guide you through:
- Listing and valuing all of your assets
- Picking and designating your beneficiaries
- Choosing an executor to manage your estate
- Addressing potential guardians for minor children, if you have any
- Planning for tax efficiency and potential liabilities
- And more
With our help, you can enter the new year confidently knowing your affairs are in order. Contact our wills and estates lawyers today to schedule a consultation.
Already Have a Will? You Can Update it in the New Year, Too
If you already have a will, the New Year is an excellent time to review and update it. Major life changes – like marriage, divorce, the birth of a child, or the acquisition of important assets – can render your current will outdated. By reviewing it regularly, you can ensure that your will reflects your current wishes and circumstances.
At Verhaeghe Law, we’ll review your existing will and recommend any necessary updates to make sure it’s current with Alberta’s laws and your personal situation.
Contact Our Wills and Estates Lawyers Today
Taking the first step toward creating or updating a will is easier than you think. At Verhaeghe Law, we pride ourselves on the compassionate, professional, and comprehensive legal services we offer to our Edmonton and Alberta clients. Whether you’re just beginning to think about estate planning, or you need to make some changes to your existing will, we’re ready to help.
Don’t wait to secure peace of mind for yourself and your loved ones as you enter the New Year. Contact Verhaeghe Law today to schedule a consultation with one of our Edmonton wills and estates lawyers. You can call our Edmonton office at (587) 410-2500 or submit a contact form online.
** Please note, this article is intended as a general overview on the subject of family law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta family lawyer.