The legacy of love blog

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

guardianship 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...

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Fairness

estate planning will 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...
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The difference between a Guardianship Order and a Trusteeship Order

guardianship trusteeship 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...

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The probate process and beneficiaries

executor probate Apr 12, 2017

Families, Estates, and What You Leave Behind

The hardship on individuals and families can be substantial upon the death of a loved one. When there are no known beneficiary designations of property and assets for passing onto beneficiaries or heirs, it can become difficult and emotionally taxing for successors to speculate at the deceased’s final wishes.

For this reason, when a person dies testate, (dies leaving a will) there is a legal process of settling a debts and distributing...

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What a Personal Care Directive can and cannot achieve

A personal care directive  (PCD) is a legal document that enables you to indicate how, why, and by whom your personal care decisions may be made in the event that you cannot make them on your own. In Alberta, your PCD is placed in your Green Sleeve, an advanced care planning document that conveys your wishes regarding medical, resuscitation, and comfort care to your doctors and other medical support staff.

Because a personal care directive is an estate planning document, there is some...

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The basics and process of probate

probate Mar 23, 2017

Every human must come to terms with the finite nature of life. One of the greatest hardships in one’s life is losing a loved one. When a family member passes away, there are often loose ends to be tied up. It can be surprising how much tape there is to cut through by the surviving members of the family. 

The paperwork and bureaucratic regulations regarding a personal trauma can feel as though it is adding insult to injury. For this reason, estate litigation and the grant of probate...

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6 things to consider when granting a Power of Attorney

power of attorney Mar 20, 2017

Power of attorney is an arrangement that allows a person you trust to handle certain financial responsibilities for you in your absence. It is typically invoked when you are absent or unavailable for a certain period of time (e.g. taking an extended vacation, going overseas for military duty). The person you appoint can pay your bills, sell your house for you, and complete other important financial transactions.

Granting someone else power of attorney is one of those major life decisions that...

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What you need to know about Green Sleeves

In Alberta, Green Sleeves are often referred to as ‘medical passports.’ They are green plastic pockets that keep your advance care planning documents in a single, easily accessed place. In an emergency situation, Alberta medical providers can review the contents and know what your wishes are. In Alberta most people keep these green plastic envelopes on the refrigerator door where emergency personnel can grab these documents if you can not express your wishes.

Green Sleeves contain...

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Ensuring your digital legacy

estate planning Feb 21, 2017

When we start planning for what will happen to our property after we’re gone, the first things that come to mind are real estate holdings, cash assets, and treasured family heirlooms. Even though we’re deep into the digital age, we don’t normally think about what will happen to our digital estate, which may include:

  • Files stored on your computer
  • Email accounts
  • Social media accounts (includes Facebook, Twitter, LinkedIn, Instagram, and Tumblr)
  • iTunes
  • Online banking logins
  • ...
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6 reasons you might need a Codicil

codicil will Feb 10, 2017

The purpose of a will is to indicate how you want your estate to be distributed after you pass away. But once it’s made, it should be changed as your life changes. Too many people create a will, put it away, and forget about it, never realizing that by the time it is read, it may no longer adequately address new or altered relationships and circumstances.

Fortunately, it is a relatively simple matter to change specific sections of your will without creating an entirely new one. You...

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