The legacy of love blog

Can I sell estate property before getting probate?

It can take weeks to receive a Grant of Probate from the Alberta courts, and Executors are usually under pressure from beneficiaries to wrap up the estate quickly.  As a result we often meet Executors who are in a hurry to sell the house or other property in the estate. This is particularly true if the real estate market is in the seller’s favor.

Executors and beneficiaries don’t always want to wait until they’ve received the paperwork from the court and this can be a...

Continue reading...

What happens if your parents owe money when they die?

executor & estates Sep 18, 2017

We recently had a client call our office asking a question we hear all the time… “What happens if my father dies owing more money than he has in assets? Will I be personally responsible for paying his debts if I am his Executor?

You will not be personally liable for your father’s debts when he dies. You may however, be taking on a difficult estate where you will be required to negotiate with creditors and possibly even place the estate into bankruptcy to deal with...

Continue reading...

Capital Gains and your estate

estate planning Sep 12, 2017

We have clients call our office all the time asking “I hear everyone talking about Capital Gains. What is it and what happens when I die?

A capital gain is the increase in value of your capital property. Capital property is an investment or other asset that produces income, or an asset that if sold would produce a profit for you. The federal government currently taxes Capital Gains by you declaring 50% of the gain (profit) as income on your tax return. For example, if you...

Continue reading...

The point of points – what happens to your points when you die?

executor & estates Sep 04, 2017

Everywhere we shop we are encouraged to collect points. From gas stations like Esso and Petro-Canada; stores like Save-On Foods and Hudson’s Bay Company we have the opportunity to collect points with the individual store, Aeroplan or Airmiles. The points are free and many of us use them to buy little luxuries we might not otherwise enjoy. They are an intangible property that we never see but can have value.

I once dealt with an estate where a St Albert grandmother had been collecting...

Continue reading...

Your cruise ship has left port

estate planning wills Sep 02, 2017

Many people who do not have a will believe that they can time the preparation of their will like they do an oil change. Unfortunately, dementia, which affects many new patients every year, does not provide adequate warning signs so that you can time the preparation of your documents before you become ill. There is no flashing sign that states “you have 25 days to write your will”. Many times the ship has left the port without anyone knowing that they were headed on a cruise.

...

Continue reading...

How is legal (in)capacity determined in Alberta?

Legal capacity addresses a person’s ability to understand the nature and consequences of making decisions that:

A) are legally binding

B) affect their rights, responsibilities, obligations, and legal entitlements, as well as those of others

Examples of these decisions include entering, buying or selling a home or business; initiating a lawsuit; and executing a Health Care Directive, Power of Attorney, or will. Someone who lacks legal capacity (in other words, is legally incapacitated)...

Continue reading...

Understanding Grants of Administration

wills Jun 20, 2017

When a person dies in Alberta without a will, they are said to die “intestate.” If a thorough search for a will turns up nothing and the estate has assets that need to be administered, a person may apply for a Grant of Administration so that those duties may be carried out.

Who May Be a Personal Representative?

Section 11(2) of the Surrogate Rules specify an order of preference when it comes to who may be a Personal Representative and apply for a Grant of Administration. Unless...

Continue reading...

4 common mistakes people make when naming a potential Guardian for their kids

estate planning May 20, 2017

Estate planning is strongly recommended for anyone, but when you have young children, the process is especially important. Urgent, even. Not only do you want to provide for them financially, you also need to name a guardian who will raise them in the event that you and their other parent die or are otherwise unable to care for them.

If you haven’t done this yet, you’re not the only one. Over 60% of parents have yet to name a guardian for their minor children. For some, it’s...

Continue reading...

Fairness

estate planning wills May 08, 2017
I plan to be fair to my children, but if I leave them an unequal amount of money, am I setting up a future battleground? 
 
Fair isn’t always equal in estate planning. The quandary for parents is how to treat their children equally, even when the monetary amount that each child will receive is unequal. This is particularly prevalent in families that own a business and some but not all of the children have worked in it.  
Maintaining family...
Continue reading...

The difference between a Guardianship Order and a Trusteeship Order

miscellaneous Apr 20, 2017

Many adults across Alberta are not in a position to make their own decisions regarding their personal and financial matters. In instances like these, the Adult Guardianship and Trusteeship Act (AGTA) permits family members and concerned parties to apply for a Guardianship or Trusteeship Order to ensure that their loved ones are not compromised or taken advantage of.

Because they both support the care and protection of a vulnerable loved one, Guardianship and Trusteeship Orders are often...

Continue reading...

phone: +1 (780) 458-8228
fax: +1 (780) 930-1506

200 Carnegie Drive, Suite 101, St. Albert, Alberta, T8N 5A8
Get Directions

Close

Ready to protect
your loved ones?

Sign up and we'll help you make plans that protect the people you care about most.