Making a Will in Alberta
What is a Will and what does it do?
A Will is a legal document that instructs how you would like your life decisions and property matters to be handled in the event of you are not capable of doing so. A Will allows you to outline your wishes in regards to yourself, a spouse and/or children, estate, and any other personal belongings; this also allows you to select what individuals you wish to benefit and what each person should receive.
Completing a Will is recommended for any person, no matter your age, to protect yourself and have assurance of your life matters during possible incapability, and after death. It recognizes what you have instructed and what you want done in case of personal injury, illness of any kind, and where you want your property to go. Having a Will also lessens the strain on family members/loved ones from making these decisions themselves and trying to decide what is right.
Without a Will, parties will have to apply to the court to appoint an administrator, and once appointed, then the Alberta Wills and Succession Act will direct how property will be distributed; this can cause many uncertainties and disputes between peoples, and may cause a delay and lots of court trips.
Important decisions to consider when making a Will
Personal Directive
If time comes you are no longer capable to make decisions for yourself due to illness or injury, then you can appoint a "Personal Directive" by completing and signing the proper documentation required. Decisions such as living arrangements, health, and/or treatment are a few things that your selected person can decide for you and on your behalf.
Enduring Power of Attorney
You can appoint a person to make financial and legal decisions on your behalf while you are still alive, and this can continue in the event you have also lost your mental capacity; this person is considered your "Enduring Power of Attorney" and they act on your behalf in regards to your financial affairs, such as day-to-day banking, paying utilities/bills, and the sale of any property as instructed.
Guardian for Children
Guardian for Children
Appointing a guardian allows you to decide who you would like to care for your minor children in case you pass away and the other parent is no longer present. You can also sort out all financial arrangements for them. Without a Will, the court will appoint a guardian for your children.
Beneficiaries
When to update a Will
Guardian for Children
You can select and address which certain people you would like to receive your monies, gifts, properties or any other assets after your death. These select peoples are called beneficiaries and you can have as many as you desire and it is important to have each belonging laid out to its entirely. You can also save on estate taxes by using a Will to set up a trust and leave more to your beneficiaries.
Executor
When to update a Will
When to update a Will
Appointing a person to ensure your directions and wishes are being followed (as per your instructions) after death is called an "Executor."
You should have this discussion with your desired person incase it involves certain responsibilities that you would like them to follow and that they are aware of what is involved and are agreeable to such.
When to update a Will
When to update a Will
When to update a Will
There are lots of reasons you should have a Will, and the most beneficial factor is to ensure your wishes are clearly laid out, especially if you have loved ones and family members still remaining. If there has been a change to your marital status or family status (new children, passing of loved one, or a loved one is no longer present in your life), a move out of the Province, or a significant change to your assets, then it is important to update your Will immediately to avoid any issues.