Why Do I Need A Will?
What Will Happen If I Die Without A Will?
If you do not have a Will, the Intestate Succession Act of Alberta states how your estate will be split. For example, if you are married with several children, this law states that your spouse gets the first $40,000.00 and 1/3 of your estate. The balance of your estate will be given to your children. If you have minor children, the Public Trustee of Alberta will look after the children’s interest. Many Albertans are not happy with this scenario, and this is why we recommend strongly that everybody have a Will in place.
Is A Will Expensive?
Considering its importance, the cost of a Will is quite modest. A lawyer’s fee is determined by the amount of time spent preparing the Will. Keep in mind that a few hours of a lawyer’s time may mean substantial savings in taxes and probate expenses.
How Do I Pick An Executor?
The purpose of the Executor is to carry out, or “execute” the wishes of the person who made the Will. The Executor is responsible for paying all the debts of the estate (including taxes) and to distribute the estate to the beneficiaries in accordance with the terms of the Will.
What Difference Does Marriage Make on A Will?
If you make a Will, and later marry, your existing Will is automatically revoked by the marriage unless the Will states that it was prepared in contemplation of that marriage. On the other hand, divorce does not revoke the Will so divorcing couples should make sure they get new Wills in place as soon as possible.
How Do I Appoint Guardians?
One of the main reasons for young couples to have a Will in place is to appoint guardians for their children who are under 18 years of age. The Guardian will be the person legally responsible for the upbringing of the children.
Does A Will Save Me Taxes?
A carefully prepared estate plan may result in a considerable reduction of taxes upon death. At the time you prepare your Will, a full review of your estate situation should be done by a professional advisor.
Paul G. Pharo, Q.C. is a Lethbridge Lawyer