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9 Things to Consider When Selling Your Home (Part 1)

real estate Jun 26, 2019

Purchasing a home is likely to be the largest investment you make in your lifetime – so when you are ready to sell, it is important for you to understand the process of doing so.

In this blog post, we will discuss the first five things to consider when selling your home: 

ONE: Hire a Realtor

While hiring a realtor is not a legal requirement to selling a home, the benefits of doing so...

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What happens to your joint bank accounts when you die?

estate planning Jun 19, 2019

Intent: A desire and will to act in a particular way.

It is this premise that serves as the foundation for determining how funds will be distributed in a joint bank account. The exact definition of “intent” becomes an issue when a parent holds a joint bank account with their child – let us explain:

Parents may hold a bank account jointly with their children because:

  1. It is...
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Should I put my children on title?

real estate tax Jun 12, 2019

What are the perceived benefits of joint ownership?

The right of survivorship is a convincing attribute of joint ownership. The law states that when one of the joint owners passes away, the surviving joint owner(s) will automatically obtain the deceased person’s share. Accordingly, the asset would flow outside of the deceased person’s estate. If an asset flows outside of an estate,...

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Step-Grandchildren and Your Estate Plan

estate planning Jun 05, 2019

These days, blended families are more common than the traditional nuclear family.  As a grandparent who has step-grandchildren, you may wish to understand who will inherit should you leave a portion of your estate to your “grandchildren”, or should you provide in your Will that if your child pre-deceases you, their share will go to “the deceased child’s...

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How does having stepchildren affect your estate plan?

estate planning May 29, 2019

Each blended family is unique. Maybe your second marriage happened later in life, after your children and your spouse’s children became adults; as a result, maybe you don’t want to include your stepchildren in your Will. On the other hand, you may have a very close relationship with your stepchildren, having raised them as if they were your own. In this case, you may very much...

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Vacation Properties: How should these be included in my estate plan?

The number of Albertans looking to purchase a vacation property is growing every year... and that’s not surprising! There is nothing better than owning a chalet for weekend ski trips, or a house in Palm Springs, or a place on the golf course in Phoenix.  However, if you own a vacation home, you need to ensure that you have taken it into consideration when you are making your Will and...

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Can an executor be held liable for the debts of an estate?

executor May 15, 2019

Our office takes many of phone calls from executors who are worried that they will be held liable for their deceased parent or children's debts. In most these cases the deceased owed more money then they had in assets and was essentially bankrupt. There are three general rules that all Alberta Executors and Administrators must follow when they are administering an estate. The three general...

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How should I include the family cabin in my estate plan?

Many Albertans have fond memories of spending long summer days at the family cabin with parents, siblings, cousins, grandparents, and aunts and uncles – and their intention is usually that future generations will be able to enjoy this family cabin experience as well.  As a result, passing on the family cabin is often a priority when creating an estate plan.  Unfortunately,...

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The Top 10 Things Your Kids Don't Want

estate planning May 01, 2019

The following is excerpted from No Thanks Mom: The Top Ten Objects Your Kids Do NOT Want (and what to do with them) by Elizabeth Stewart.

In the following list of the Top Ten Objects Your Kids Do Not Want — inspired by conversations (or lack thereof) about my keepsakes with my 30-year-old son, Lock, and his wife, as well as by similar conversations I’ve had with hundreds...

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When should you not accept the role of executor?

executor Apr 24, 2019

WHEN NOT TO BE AN EXECUTOR

Many people feel honoured when they are asked to be the Executor for a friend or family member’s estate. When someone asks you to be their Executor it feels terrific; they are indicating that they believe you to be trustworthy and have good judgement. For many of us, this gives us a great feeling of pride, and we want to fulfil our duties to the best of our...

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