Estate Planning Sherwood Park: Leave A Lasting Legacy
People acquire assets and build up an estate with the goal of passing it on to their heirs or charitable beneficiaries. A person’s death may have significant consequences for the people for whom the estate was established if proper planning is not done.
For an estate to be passed on to the heirs, there may also be settlement expenses, such as court fees and terminal taxes.If you have substantial terminal taxes to pay, assets may need to be liquidated in order to satisfy them.
Furthermore, if there are any disputed assets during the actual transfer of assets, probate procedures might be delayed.
Our estate planning team at Kurie Law Group will assist you at every step of the process to ensure your estate plan fully captures your wishes and intentions.SCOTT D. KURIE, Criminal Lawyer
To avoid these negative effects it is important that you create an estate plan. As the owner of assets it is your responsibility to provide for them after you are gone.
Without proper planning, your heirs may not be able to receive their rightful inheritance and your beneficiaries may not receive any benefit from the assets created in your estate.
Many of these concerns can be eliminated by establishing a solid estate plan before the settlement of an estate, allowing you to:
- When you are unable to handle your own affairs, make sure that your desires are taken care of.
- Make sure that your directives and expectations are completely understood by your family and heirs.
- Provide for your family’s financial stability.
- Provide capital to meet immediate liquidity needs for settlement costs.
- Facilitate the timely distribution of assets by avoiding probate proceedings.
- Maximize the estate for transfer by minimizing taxes and expenses.
- Ensure that all beneficiaries are named in accordance with the most recent will or avoid publicity by keeping the proceedings out of the public record.
- Preserve the inheritance for future generations to enjoy.
- Create a charitable trust or gift assets to leave a legacy.
Basic Estate Planning Arrangements
One of the most important aims of an estate plan is to ensure that your assets are transferred in accordance with your wishes. A qualified Wills and estates attorney can assist you in determining which estate planning arrangement is appropriate for you.
A Will is a legal document that names the estate beneficiaries and is written in accordance with provincial laws. A Will goes through probate, which means that all of the assets are distributed under the supervision of the court.
An executor is chosen in the Will and is responsible for ensuring that the Will’s instructions are followed. The province will become the estate’s administrator if there isn’t a Will, and it will choose guardians and heirs according to its rules.
A trust is a type of ownership established by the estate owner to acquire and maintain title over assets before they are distributed to heirs. In accordance with the terms of the trust, a trustee is responsible for administering it.
There are many distinct sorts of trusts, each with a different goal in mind such as avoiding probate, lowering estate taxes, or administering the assets of the deceased.
There are numerous ways to title assets that may result in different sorts of asset transfers. The most frequent form of asset title is Joint Tenancy, which allows the item to be transferred automatically and without probate to the person named simultaneously in the title.
Personalized Estate Planning
At Kurie Law Group, we understand that every estate plan is just as unique as the individual preparing it. Estates vary significantly in terms of size, assets, and the people involved.
We will examine your particular circumstances, what matters most to you, any concerns your family or company may be facing, and create a tailored strategy based on these factors to provide you with peace of mind.
At Kurie Law Group, we will guide you through the entire estate planning process and make sure that your instructions are always respected. We work closely with our clients every step of the way, from initial consultation until the final document is signed and returned. It’s just one more way we ensure that your estate plan is tailored to suit your needs.
Estate Planning in Alberta
In Alberta, three major documents are required to plan your estate (although there may be more): a Will, an Enduring Power of Attorney (EPA), and a Personal Directive (PD).
Estate planning includes not only the management of your affairs after death but also issues that may arise throughout your lifetime, such as potential loss of capacity.
Why Choose Us for Your Estate Planning
Our estate planning lawyers will be able to answer all your questions and help you navigate the complex legal aspects. We have the knowledge and experience to ensure you have all the facts, and we’ll also look at what not to do. We take a personal and comprehensive approach to the planning process in order to ensure all assets and eventualities are accounted for, so you can rest easy knowing you are well prepared for the future.
At Kurie Law Group, we are qualified to help you create a comprehensive estate plan that will protect your assets well into the future. Call us today at 1 780-809-3545 to schedule your free consultation.