A lot of people think about estate planning as something that should be done later in life. In fact, creating a will is one of the most responsible legal steps one can take as an adult, regardless of how old they are or how much money they have. Drafting a will gives Edmonton families clarity, protection, and peace of mind.
Not having a will means that your assets and liabilities are decided by the province, and it may not align with how you would want things handled.
What a Will Is and Why It is Important
A will is a legal embodiment of your wishes and preferences. It specifies how you want your assets to be divided and who will take care of your minor children. Furthermore, you have the right to name an executor and make special requests about how you want things to be done.
If you die with no will, the intestacy laws of Alberta step in to divide your assets. Intestacy laws can have unintended consequences, and they could drive your family apart.
Misunderstandings Related to Wills
Some people think that it is unnecessary to have a will because they are young, healthy, or do not have that many belongings. Others feel that it is enough to have subtly owned things or make verbal comments to people about how they want things divided.
In fact, even small estates should have a will. It makes things easier for the family and the government and saves money and reduces administrative hassle.
How Estate Planning Protects Your Family
While most people think of estate planning as drafting a will, it involves much more than simple asset distribution. It is about keeping loved ones protected from stress, delays, and disputes caused by the lack of a plan.
At Team Law Group, we help residents of Edmonton navigate the complexities of the will drafting process. We provide a range of legal services including will drafting, executorship advising, and estate plan coordination with business or property interests.
When Life Changes, Your Will Should
- Your estate plan will be impacted by major life milestones including marriage, divorce, children, buying a home, and starting a business. Regular reviews will ensure your will remain accurate and effective.
- When a law firm knows about your business and personal life, it helps streamline updates and simplify your estate plan.
- Beyond the Will. Additional Estate Planning Tools
- In addition to the estate plan will, you may need the power of attorney, a personal directive, or trust. These documents protect you while you are alive, but your decision-making abilities are compromised.
- At Team Law Group, we provide legal services for all your estate planning needs, both while you are alive and after you pass.
Conclusion
A will should not be seen as simply planning for death. Rather, it should be viewed to protect life, loved ones, and one’s legacy. Team Law Group in Edmonton offers support for estate planning that will help you understand and feel more secure about the future.
