About Estate Planning Law in Calgary, Canada
Estate Planning Law in Calgary, Canada, is a sector of law that focuses on guiding individuals in planning the management and distribution of their assets during incapacity and after death. This includes the preparation of documents such as wills, trusts, powers of attorney, and health care directives, also referred to as living wills. It's all about ensuring that your wishes are adhered to, minimizing the taxes paid on your estate, and ensuring that your beneficiaries are adequately provided for.
Why You May Need a Lawyer
You might require an estate planning lawyer in several situations. If you have considerable assets, own a business, or have a complicated family situation (such as blended families or disabled dependents), it's advisable to retain a lawyer's services. They'll help you navigate the complex intricacies of estate laws, tax planning, and ensure your estate plan is legally sound. Furthermore, if you'd like to establish a trust or manage international assets, a lawyer assists in these advanced estate planning strategies.
Local Laws Overview
In Calgary, Alberta's Wills and Succession Act governs estate planning matters. Some of the laws to be aware of include: anyone aged 18 or over and of sound mind can create a will. All wills must be in writing, signed by the will-maker and witnessed by two individuals. A will is invalidated by a subsequent marriage unless it specifically states it was made in contemplation of that marriage. If a person dies without a will (intestate), their estate is divided according to Alberta's default laws, which may not align with their wishes.
Frequently Asked Questions
What happens If I die without a Will?
If you die without a will in Calgary, your assets will be distributed according to the Wills and Succession Act, not necessarily as per your wishes. The act specifies a strict distribution order, starting with a spouse and children, then other family members if there is no spouse or children.
Can I make a will without a lawyer?
While it is possible to create a will on your own, engaging a lawyer is recommended due to their understanding of law complexities and procedures. They'll help you craft a will that accurately reflects your wishes and is legally valid.
Are digital assets included in estate planning?
Yes, digital assets such as cryptocurrency, online banking, emails, social media accounts, and digital pictures should be considered in your estate plan. Your lawyer can advise on the best strategies to include these assets.
What is a Trust?
A trust is a legal arrangement where one person (the trustee) holds assets for the benefit of others (the beneficiaries). Trusts can be used for tax planning, to provide for minors or disabled dependents, or control how and when beneficiaries receive their inheritance.
What is a Power of Attorney?
A Power of Attorney is a legal document that gives someone else the right to act on your behalf. There are different types, including enduring (remains in effect if you become mentally incapacitated) for financial matters and personal directives for health and personal care decisions.
Additional Resources
Alberta's government website provides resources for will and estate planning, including a detailed guide on estate planning and a summary of Alberta's legislation. The Law Society of Alberta also has a lawyer referral service that can connect you with an estate planning lawyer. The Canada Revenue Agency provides essential tax information related to estates and trusts.
Next Steps
If you believe you need legal assistance in Estate Planning, start by identifying your needs and goals. Then, seek a qualified estate planning lawyer. Prepare for your first meeting by gathering relevant documents and any questions you might have. Remember, it's never too early to start estate planning. The earlier you start, the more prepared you'll be for all future scenarios.
Disclaimer:
The information provided on this page is intended for informational purposes only and should not be
construed as legal advice. While we strive to present accurate and up-to-date information, we cannot
guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change
frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal
professionals for specific advice tailored to your situation.
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