FAQ - Wills and Estate Planning in Alberta

What is a Will?

A Will is a document that sets out what happens to your assets and who looks after your children if you pass on. The main purpose of a Will is to determine who should receive gifts from the estate (the collection of property and assets after debts are paid). It can also give burial (or cremation) instructions and can appoint a guardian for minor children.

The person making the Will is called the testator, the person(s) looking after the testator’s estate is called the personal representative(s) (the new term for executor), and the people who receive gifts from the estate are called beneficiaries.

What is a guardian?

If you are a parent with children under the age of 18, a Will is the best and most efficient way for you to determine who will be responsible for your children if you pass on. This person is called a guardian, and they are automatically appointed upon your passing without the need for a court order or other formalities. You can name one or more people as guardians. This person or people are responsible for where your children live, their education, their activities, and their healthcare, and will be allowed to access estate funds in order to look after your children.

How do I decide who gets my estate?

When people think of making a will, they often have difficulty deciding how to divide their assets. People tend to overthink this part of the will. Most wills are “simple” wills, meaning they have a simple structure for gifting assets, and it is not necessary to spend time deciding how assets are going to be divided up.

This step can seem overwhelming to some people, but it doesn’t have to be. When we advise clients, we consider a client’s family situation and assets, and determine whether a simple will is adequate to protect their estate. We can include burial or cremation instructions and appoint guardians for no extra cost.

For people with more complicated assets or family situations, or who may want to include gifts to people other than their spouse or children, we would use the more traditional approach to estate planning. In this process, we hold more meetings with clients and spend more time drafting the documentation which result in higher a fee, but our costs are still typically hundreds of dollars less than what most law firms charge for the same service.

what is a codicil?

After a will is made, it is possible for the testator to change it using a document called a codicil. A codicil is usually short and should clearly describe the changes the testator wants to make to the will. A codicil has to follow the same rules as a will to ensure it is valid.

why should i have a will and estate plan?

We believe that having an estate plan is important for everyone, especially if you have children. Even if you choose not to retain us we still highly recommend that you see a lawyer if you are thinking about estate planning, because the process can sometimes be complicated and there are rules about how Wills and Codicils must be created. If those rules are not followed the document may be invalid, it could be challenged in court, or gifts to beneficiaries may be void.

Some people try to save money or avoid legal fees by creating their own Wills. This can actually increase legal costs as the personal representative may have to hire a lawyer to try to deal with the problems. It is safer to hire a qualified estate planning lawyer to make sure those problems don’t arise in the first place, avoiding later headaches and legal costs for your loved ones after death.

What is a Power of Attorney and Personal Directive?

A Power of Attorney and Personal Directive are often considered your “living Will”, meaning that they take effect while you are still alive, if you lose mental capacity. These are separate documents and, due to their importance, they are included as standard in all of our estate plans.

The Power of Attorney appoints a person, the attorney, to look after your finances. They can pay your bills, maintain your home and invest money on your behalf.

The Personal Directive appoints an agent to look after your person, allowing them to decide where you reside, what activities you take part in and the healthcare you receive. The Personal Directive also sets out your end of life instructions, which tells the agent whether or not you want to be kept alive by artificial means or for pain medication to be administered.

We want to work with you!

Our law firm is experienced in estate planning and offer 2 affordable flat fee options, depending on your personal circumstances. Our professionals have completed estate plans for hundreds of clients over the past 10+ years. If you choose Ramsay Legal Counsel you can be assured your estate planning is being handled professionally and competently, for hundreds of dollars less than typical law firms.

If you want more information about estate planning, or another legal issue, please don’t hesitate to call us at 403-247-2111, or click here: