The legacy of love blog

Capacity: What Is It And Why Is It Needed To Plan An Estate?

capacity Sep 13, 2019

In Alberta, the only limitation to a person over 18 signing a Will, Power of Attorney and Personal Care Directive is that they have the mental capacity to do so. It may seem like a simple concept, but the truth is many people don’t know that capacity is required to have these documents made for individuals.

Why is Capacity Needed?

The largest concern for these Estate Planning documents is that the person executing them, at the time of execution, understood the nature and effect of...

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Executor Compensation in your Will

Being an Executor (or personal representative as they are known in Alberta) is hard work. Once you have picked someone you trust who can be responsible to wind up your estate, attention to detail so they can deal with all the little things surrounding your demise, and the tenacity to keep going and complete the job until the end. 

When you ask someone to be your executor you are asking someone to take one year out of their life to wind up your property. In many cases the executor is not...

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The Line Between Influence and Undue Influence

Uncategorized Sep 04, 2019

In a time that should be allocated to grieving over the loss of a loved one and celebrating their life before passing, the friends and family of Brooke Astor were thrown in a legal battle that lasted almost 7 years after her death in 2007.

The Astor fortune was said to be around $100 million at the time of Brooke Astor’s death, and as a well known philanthropist, Mrs. Astor left much of that to charity, while still providing very generous legacies to her many friends and family members....

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Videostar Wills!

Uncategorized Aug 29, 2019

Something that is often forgot throughout lengthy, expensive and emotionally exhausting estate litigation cases is that the court is taking so much care and diligence, and thus time, in hearing these cases because they are trying to determine the intentions of a person who has passed.

This task is rendered all the more difficult if there is ambiguity in wording, missing information or uncertainty in which is the true last Will of the testator. The focus for today’s blog is the latter of...

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The Power Of A Written List

Uncategorized Aug 22, 2019

When thinking of the legacies you are leaving people, it can be difficult to decide what to give and to whom. Money is often a large part of inheritance, but perhaps there are certain items you wish to bequeath to family and friends as a way to remember you. To whom and what you bequeath is an important consideration that is worthy of as much time as is put into considering your residuary beneficiaries. 

What are the main concerns?

What you leave to your loved ones after your...

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Should new parents create a Will?

Uncategorized Jul 24, 2019

While having a Will ensures that your assets will be distributed according to your wishes when you die, it also ensures that your children will be cared for by someone you trust.

Thinking about who to appoint as the guardian of your children can be difficult and heartbreaking, but it is an important thought to have. By naming a guardian in your Will, you will have peace of mind in knowing that your children will be looked after by someone who loves them, by someone who wants them, and by...

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Who should you appoint as your Executor?

Uncategorized Jul 17, 2019

Appointing an Executor to administer and handle your estate is an important decision. This is the person (or people – or organization) that you are entrusting with the disposition of your property and possessions. Basically, your Executor will grant your final wishes.

Here are three things to consider when appointing an Executor:

1. Age and Qualifications

It is important to take the qualifications of your Executor into consideration. While they are not required to be an expert in...

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Drop the Mic: We have a Canada Wide Wills Registry!

Uncategorized Jul 11, 2019

The silence is always deafening.

At least once a week over the last 18 years, I have had to end a will signing on an uncomfortable note. Shortly after the document has been signed and my staff have left the room to make the necessary copies, the client asks when I will be registering their will.

I swallow and clear my throat - there is no will registry in Alberta. I have no place to register your documents. The client looks at me and expectantly says "WHAT?" They are shocked and...

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Why is it important to review your Will?

will Jul 02, 2019

Your Will is the document that specifies how your estate will be distributed upon your passing. Once it is made, it should be reviewed and updated to account for any major life changes. Many people will create a Will, store it in a safe place, and then forget about it, failing to consider that when it comes time to read the Will, it may not adequately address new or altered relationships and circumstances. Here are three reasons why you should review your Will:

You need to appoint a new...

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What are the benefits of having a joint bank account with your spouse?

Uncategorized Jun 26, 2019

A bank account held jointly by spouses has many benefits – one being convenience. It enables both parties to deposit or withdraw monies in accordance with any guidelines set by the account. The pairing may choose to hold a primary joint account that is used to pay bills with ease, and to hold additional accounts in each of their individual names – and that is fair, but if the intent is to avoid probate altogether, this may not be functional.

If spouses hold a bank account jointly...

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