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:

• Someone you support will still need your income when you are gone.
• You are likely to die leaving a large debt and...

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.

Taxation Issues
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...

Writing your Memorandum

• Describe the item in enough detail so that it cannot be confused with another item;
• Identify the recipient by name and if necessary, relationship so that there can be no confusion;
• Date and sign the Memorandum;
• Store the dated, signed Memorandum with your signed Will;
• Let your Executor know that there is a Memorandum.

Changing Your Memorandum

Edits made on a Memorandum, even if initialed and dated, may be questioned regarding authenticity.  If you wish to make a...

One of the most preventable causes of a failure to sustain a family business across generations is a lack of preparation and in particular, the development of a succession plan. Unfortunately, a considerable portion of family businesses have no succession plan in place.  

Below you can find a list of a few simple steps that can be taken within a family business to increase the chances of a smooth transition of the company from generation to generation.  Of course, there...

A do-it-yourself (DIY) legal Will kit that is correctly filled out can save you about $500 and take care of your assets after you die – but are these Will kits a good idea?

In order for a form or document, like a Will, to be truly effective and to stand up in court if challenged, it must be filled out and executed (signed) correctly. Most people do not know or understand the legalese on the forms and make guesses, which can invalidate the document; in our experience, most people...

Some of the most meaningful Wills are those that include messages to family members. These Wills provide a message that can be delivered from beyond the grave.

One of my personal favourite Wills was a Will that was written by a wonderful elderly school teacher who had a close group of friends that got together every week for a cup of earl grey tea and fresh biscuits. Over the course of her life she had collected and been given many beautiful tea pots. Upon her death, her Executor had an...