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Estate Planning law in Edmonton, Canada is a focused field of law that comprehends the creation and management of legal documents that control your property on your death or incapacity. It includes defining potential arrangements for healthcare, protection of assets, and the distribution of estates. In Edmonton, this often involves the creation of Wills, Trusts, Powers of Attorney, Personal Directives and can also include tax planning.
Creating an Estate Plan requires both lover-level legal proficiency and a deep understanding of tax laws, provincial regulations, and more. Lawyers can guide you to avoid potential issues that could arise during the process of estate division. Additionally, circumstances such as having large estates, owning businesses, having blended families, or providing for dependents with special needs might necessitate the expertise of a lawyer. They can also help ensure your estate’s proper management in case of your incapacitation and guarantee your wishes are carried out after your death.
Estate Planning laws in Edmonton are governed by the Wills and Succession Act and the Family Law Act. The law mandates that the individual creating the will be of legal age(18) and of sound mind. It also requires the presence of two witnesses during the signing of the will. In terms of inheritance, if a person dies intestate (without a will), their estate is divided according to specific laws, with the spouse and children being the primary beneficiaries. Furthermore, taxes relevant to estate planning include probate fees and potential capital gains tax upon death.
If you die without a will (intestate) your estate will be distributed according to the rules stipulated by the Wills and Succession Act. This could mean that your assets might not be allocated the way you would have wished.
While you can technically create your own will, it is highly recommended using a lawyer to ensure that your will is legally valid and accurately represents your wishes. A lawyer can provide important advice and prevent costly mistakes.
Not all estates need to go through probate in Alberta. Certain assets, such as joint property or insurance policies, can be dispersed without going through probate. However, for large estates or those with significant assets, probate might be necessary.
While there isn't a specific estate tax in Canada, there are taxes that your estate might be responsible for, such as income tax on your final return and capital gains tax. Proper planning can help to reduce the tax burden on your estate.
It's advisable to review and potentially update your estate planning documents every 3-5 years, or when major life events occur such as marriage, divorce, birth of a child, or significant changes in your financial situation.
The Law Society of Alberta and Edmonton Community Legal Centre can provide additional resources and offer free legal clinics to those who can’t afford legal assistance. Furthermore, the Government of Alberta website contains useful guides for will planning and what to do when someone dies.
If you're considering setting up an estate plan, your next step should be contacting an established Estate Planning solicitor. They can provide a detailed understanding of the laws, guide you through tax implications and help you avoid potential pitfalls. Having a well-structured estate plan not only ensures peace of mind for you but also provides clear instructions for your loved ones, during what can be a difficult time.
