Its been two years since my team and I set out on our own to create Estate Connection. Before I began my new law firm I sat down and wrote out what I wanted our new firm to be like. It became known as our manifesto and today we are happy to share it with you.
To the 1100 client who helped us move from living on a prayer to living the dream - I say thank you! Heres to helping more people leave a legacy of love! XOXO
Many time clients come to our office with wills that are old. They are unsure if their will needs to be updated, even though their will maybe 44 years old (yes this did happen). Here are some basic things that you should be checking for when looking over your old will or if you are reviewing a will to determine if you should be the executor of a will:
No – Contact An Estate Lawyer if
The Will is the original.
If the Will is a photocopy
Our office was contacted by a 32-year-old client who was attempting to deal with her father's estate. She had found the process quite complicated and confusing, especially given that she had never attended a funeral before.
Our client was overwhelmed, and the thought of writing her fathers eulogy was more then she could handle. Our office walked her through our executor's handbook, a document that outlines what you do the first 365 days after death. One of the first steps was writing a...
Generally, our Mondays begin in the same way: We have an answering machine filled with messages from Executors for our clients who have passed away. The Executors are in a panic because they do not know where their loved one's assets are located, what they should be doing, or if they would like to take on the job of acting as an Executor.
To help our clients and future clients, we have drafted a list of ten tips for performing as an Executor. If you are an Executor and have additional...
Building your estate is one way to ensure that your family will be taken care of when you die — life insurance is another. Though life insurance is needed by some Canadians, others can go without it if their estate will easily cover the expenses related to their death. Do you need a life insurance policy? Here are some tips to help you find out.
YOU NEED LIFE INSURANCE IF:
Our office once dealt with an estate where the dying mothers wish was to be cremated and her remains returned to Prince Edward Island. After her death, her three grieving sons booked a flight out estate to spread their mother's ashes on red beaches of PEI. They had mom cremated and thought that taking her in their carry on bag would be the best way to transport her. Imagine their horror when the Edmonton International Airport security guard demanded that the urn is left behind so he...
Canada is generally viewed as a country with no estate tax. While that's true, what many people don't realize is that a "Deemed Disposition Tax," which is similar to an estate tax, applies when you die.
Deemed Disposition Tax is so-named because your investments are deemed to be sold at death. Any capital gains triggered by their sale are included in a final income tax return filed in the year of death. A final tax return also includes the value...
Most Wills state that the estate must be shared among the testators children. In many families, it’s obvious who the “children” are while in other families it is less so. An adopted child’s rights against a biological or adoptive parent are very different under Alberta law. When an adoptive parent passes away, an adopted child has exactly the same legal status as a biological child born to that parent. When the Will makes a gift to “my children”, adopted...
The global reach of our economy has provided increased opportunities for our family members to work and study outside of Canada. More and more, our family members are moving to other countries to gain experience, launch their professional careers and take advantage of exciting opportunities.
When creating an estate plan, many families look to their adult relatives to act in the role of Executor and trustee of their Wills. Choosing a competent person for this role is critical to the ensure a...
Pre-planning and paying for your funeral is a gift you can give your family after you are no longer around. Having dealt with many Executors, I can tell you they all have a big sigh of relief when they are told that the deceased pre-planned their funeral. This takes the stress of your Executor and your family members. It reduces the possibility for infighting and conflict in the family, especially between the Executor and the deceased’s immediate family members. It also means that...
Sign up and we'll help you make plans that protect the people you care about most.