22/03/2018 0 Comments
Helpful Tips for Executing a Will
Estate Planning and the Preparation of a Will
Having a will helps to ease the financial and emotional burden on your family after you have passed away. It also ensures that your end-of-life wishes are followed, providing you with peace of mind. Anyone who is over 18 years of age and considered to be of sound mind can make a will. To help make the process as simple and stress-free as possible, the Edmonton wills and estate lawyers at Haryett & Company have put together some helpful tips on how to prepare your will.
Tip 1 - Name a personal representative
The personal representative named in your will is the person who will be responsible for administering your estate in accordance with your wishes. Naming an alternate personal representative is also advisable in case your first choice is unable or unwilling to act. For tax reasons, your personal representative should be a resident of Canada, and for practical and cost reasons, it is easier for the personal representative to be a resident of Alberta.
Tip 2 - Name your beneficiaries
In order to properly plan your will, you need to estimate the value of your property and make a list of all your assets. Doing this will allow you to name the beneficiaries of your property and assets. You may divide your assets and your property as you see fit. However, you must make provisions for all of your dependents. Dependents may include:
- Your spouse
- Your Adult Interdependent Partner
- Any children under the age of 18
- Any adult child who cannot earn a living because of mental or physical disability
- Any child who is at least 18 years old but under 22 years of age and is unable to withdraw from your charge because he or she is a full-time student
- Any grandchild or great-grandchild who is under 18 years of age and in respect of whom you stood in the place of a parent.
Tip 3 - Appoint a guardian for your children
If you have children, then you will need to appoint a guardian for them in your will in the case that you or your spouse are no longer capable or have both passed. Make sure that you discuss your decision with the person you are appointing and that you receive their agreement to act as your children's guardian should anything happen to you.
Tip 4 - Keep your will up-to-date
Once your will is complete, you should take the time to update it after any major change in your circumstances. These changes may include getting married, getting divorced or separated, the birth or adoption of a child, the death or incapacity of a family member, any significant change in your health, the purchase of a new home or business, or significant changes to your finances.
Tip 5 - Meet with an Edmonton wills and estate lawyer
It is always best to consult with an Edmonton wills and estate lawyer when preparing and executing your will, even if you are not married and have no dependents. Once you do tie the knot and have children, your affairs become significantly more complicated and it becomes crucial that you leave a well-crafted will.
At Haryett & Company, our Edmonton wills and estate lawyers understand that your will contains important decisions and directives about your personal property and the well-being of your loved ones. We will help you draft a clear and legal will that ensures all of your wishes are followed. To speak to one of our wills and estate lawyers in Edmonton, just contact Haryett & Company today.
Disclaimer: The information contained on this page is not exhaustive. It is legal information only and is not intended to be legal advice. The lawyers at Haryett & Company strongly recommend that you review your estate planning with a lawyer.