No matter a person’s age, it is important to be prepared for the inevitable end that comes to everyone. Estate planning provides a person the opportunity to decide how his or her assets will be divided, and how best to provide for loved ones left behind. For anyone in Alberta just getting started, or for those seeking to update their plans, here are some tips provided by one of the nation’s leading investment firms.
A key first step is to speak with loved ones about the plans being made. Understanding the needs and wants of one’s heirs, sharing the same with them, can help to create a plan that considers everyone’s feelings. Such a will is far less likely to cause strife in the future. Blended families may especially benefit from such conversations as part of the process; complex family dynamics may need to be handled in a sensitive manner, and surprises are frequently unwelcome during the administration of the will.
Even seemingly simple estates may have more complexity than may be immediately obvious. Taking the time to create a complete list of all one’s assets and liabilities will not only help create a more complete will, but it can also greatly simplify the task of the executor. Which brings up the next expert tip: choose the executor carefully. He or she should be a person who can be trusted to do the job properly, and who is willing to take on the responsibility.
The final piece of advice is to work with a professional when doing one’s estate planning. A lawyer has the knowledge and experience with Alberta family law to help a person draft a comprehensive and functional will. Taking the time to do things correctly may provide a person’s loved ones with comfort and security during an emotional time.
Source: Huffington Post, “5 Tips To Get Your Estate Plan In Order“, Cindy Crean, April 5, 2017