A will can be one of the most important documents a person will ever sign. It is by this document that you will leave instructions pertaining to the handling of your estate and certain of your affairs after your death.
In your will, you will appoint a person or persons (no more than three) who will look after the will and your affairs upon your death. This person, called a Personal Representative (also known as an Executor) is responsible to follow the instructions in your will to gather all your assets, pay any and all outstanding liabilities and distribute your estate according to your will. The Personal Representative may also be a beneficiary and is a party in whom you have confidence in their ability to do the job. Often, the Personal Representative is a relative, usually a spouse or a child.
Your will can give specific instructions with respect to your funeral or the disposition of your body on your death. This aspect, though, should be discussed with your relatives and your Personal Representative prior to your death. Seldom do people check the will prior to making funeral or burial arrangements. Your will can also give instruction regarding the guardianship of children under the age of 18 years. This is often the most difficult aspect of estate planning - who will be the best to look after your children?
Your will will give direction as to what you want done with your estate. The laws of the Province of Alberta specify certain requirements in relation to your spouse and children. Beyond that, you will want to decide who will receive your assets on your death. You may wish to set up a trust which will allow you to control any benefit for your children before they reach the age of 18, or even beyond that age is your are reluctant to leave your estate to your children outright on your death. A trust will permit you to delay the passing of your estate well beyond the date of your death. Besides providing for family, some people may also wish to benefit a charity or church organization.
Tax consequences are often a major consideration on death, especially in the case of business or farming assets. Good tax planning, incorporated into a will, can save thousands of dollars on your death.
Death, like taxes, is one of the certainties of life. A proper and up to date will can eliminate considerable expense and inconvenience for your family on your death. For more information please contact Richard Davidson, Q.C., Herb Beswick, Q.C., Ed Rice, Q.C., Cindee Nyrose , or Roy Davidson.