The legacy of love blog

Trust companies that handle your Estate are no longer just for the rich

estate trust Feb 22, 2018

The demand for professional Trust and Estate administration is an area that is experiencing significant growth. This growth is caused by a number of factors including our aging population, our modern family structures, and the vast distances that spread family members apart.

Estate professionals are being asked to step in and help families resolve emotionally charged family disputes.

There are several Trust companies that provide Estate services to clients in the Edmonton area. While most...

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Separation is different from divorce

estate will Feb 15, 2018

When couples split up, the last thing they’re thinking is, “What happens if I die?” Breakups are emotionally difficult times, with many hard decisions. But the ramifications of a split are magnified when the parties do not go through with a divorce.

Many people think the mere act of “separating” will result in cancelling their partners in their Wills, estate plans, powers of attorney and beneficiary designations. This is not 100 per cent correct.

Separation =...

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Protecting a different type of property

property will Feb 08, 2018

Estate Planning is about protecting what matters the most. Over the course of my 18 years practicing law I have come across a wide variety of property that needs to be included in our clients’ Will.

Recently we had to deal with a unique type of “property”… the cryogenically frozen embryos and sperm of our clients. With cryogenic freezing, it is possible for children to be conceived well after a parent has died. However, when such a child is born, many probate and...

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New parents and writing a Will

will Jan 19, 2018

Many new parents think that they should write or re-write their Wills after the birth of a child and for many couples this is the first time they have written a Will.

One of the most important issue new mothers and fathers need to consider is who will be the guardian of their child if the unthinkable happens to both parents. This is not fun stuff to consider, but necessary. You do not want your family going through a traumatic and costly custody dispute on top of dealing with the grief they...

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Joint Tenants VS Tenants In Common – What’s the difference?

land titles property Jan 19, 2018

Have you made sure that your spouse is the beneficiary on all your investments and life insurance policies? What about your house, car and RV trailers?

Several times a year, our office is hired to Probate a Will because a spouse has passed away and it wasn’t until after the death that the surviving spouse realized everything was not jointly owned. This can be a heartbreaking situation, especially when the couple has been together for many decades and no one thought to check the...

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How long does probate take in Alberta?

probate will Jan 07, 2018

One of the most common questions we are asked is “How long does Probate take?”

To “Probate a will” means to have the court declare that the document was the deceased’s last will and that the Executor has authority to act on closing the estate.

An Application For Probate involves outlining the deceased’s assets and debts so that Banks and Alberta Land Titles can transfer those assets to the appropriate beneficiaries.  The law legislates that you must...

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How do I make sure my daughter’s husband does not receive any of my Estate after I die?

trust will Dec 29, 2017

This sounds harsh but to be honest, we have clients ask us this all the time.

If your daughter inherits money and subsequently divorces her spouse, these funds are generally exempt from a matrimonial property division.

The problem occurs if your daughter inherits money and then uses these funds to pay-off the couple’s mortgage or to buy nice jewelry.  These items could become part of an expensive court application where the source of the funds is traced back to the inheritance....

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What are the rules for leaving children out of your will in Alberta?

will Dec 22, 2017

Have you considered leaving your child or one of your children out of the property distribution in your Will?  You are not alone.  Our office deals with this question on a regular basis.

Can you leave your child out of your Will?  This would depend in large part on whether the child is a minor or an adult child who can’t earn a living because of disability. In Alberta, the law states that you must support minor children in your Will. In addition to minor children you must...

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Can an Executor distribute the estate without a Clearance Certificate from the CRA?

estate executor Dec 16, 2017

A Clearance Certificate is a document that you receive from the Canada Revenue Agency that states that all the taxes owing on the estate have been paid.

The Executor should request this certificate to ensure that the estates taxes have been paid. The concern is that the Executor may distribute the estates property to the beneficiaries and then later discover that there are taxes owing. If taxes are found to be owing after the distribution, the Executor could be held personally liable for...

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Lending or gifting money and the implications on your Estate

will Dec 07, 2017

Sometimes our children or close family members run into a financial bind and need to borrow money. In many cases both the lender and the borrower assume that this money will be paid back quickly. But what happens if the person who is the lender, who is often an elderly parent, dies before the loan is repaid?

In my experience this is when the family feud begins.  The borrower will say this money was a gift to them and no repayment of this loan is required. The other...

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