The Importance of Estate Planning in Alberta

The Importance of Estate Planning in Alberta

At Verhaeghe Law Office – our Edmonton estate administration lawyers always advise our clients to have a proper estate plan regardless of how old or young you are. While estate planning for someone in their 20s may differ from someone in their 30’s or 40’s – the sooner you have an estate plan in place, the better. Our estate lawyers can provide many estate planning solutions regardless of how small or large and complex your estate needs may be. Our lawyers will begin by gaining a thorough and detailed understanding of your estate as well as your individual needs and goals. After undertaking this phase – our lawyers will present you with many options to help accomplish your estate goals. For some individuals – the thought of succession planning after death can be a very uncomfortable and daunting task. But estate planning is very important for many reasons which we’ll explain here.

Why is Estate Planning So Important?

Having a plan in place is always better than not having a plan. One of the primary benefits of estate planning is that it leaves your loved ones with less burden after you pass on because every aspect of your estate plan will be clearly outlined in a legal document. A lawyer may provide in-depth advice on matters such as:

  • Cottage property and other investment property succession
  • Establishing trusts
  • Minimizing probate and estate taxes
  • Charitable planning
  • Power of attorney for personal care and other financial related matters
  • Maximizing life insurance and other insurance policies in an estate plan
  • Providing for beneficiaries with special needs
  • Providing for dependants
  • Complex will planning
  • Business succession planning
  • Retirement Planning
  • Incapacity Planning
  • High-net worth estate planning
  • Financial incapacity planning
  • Investment planning
  • And more

While disputes may still arise even if there is a will present – having a detailed estate plan may minimize the chances for conflict down the road if a lawyer has done it properly. An estate lawyer will also ensure that your last wishes will be carried out in the most effective, pragmatic and cost-efficient way possible. At Verhaeghe Law Office – our estate planning lawyers can also assist with domestic, cross-border and multijurisdictional trust and estate legal advice. We understand that all clients have different needs – and that’s why our lawyers will come up with a custom estate solution for you based on your individual needs.

Contact our Edmonton Estate Planning Lawyers Today

If you or a loved on are in need of legal advice regarding estate planning – contact our Edmonton estate planning lawyers today. Our estate planning lawyers can represent Albertans with all their estate planning needs. Our law firm has three offices – making it easier to serve our clients with an office in Edmonton, Athabasca and St. Albert. Book a consultation with our legal team today and let us put our experience to work for you.

Disclaimer: If you are in need of specific legal advice regarding estate planning please consult with a lawyer for specific legal advice. Our article here is intended to act as a general overview on a legal topic and not as individual legal advice.

What is Estate Planning in Alberta

What is Estate Planning in Alberta

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.