Edmonton Wills & Estate Lawyers
No one wants to think about their death, however it is important that everyone plan for the future. A properly drafted will can ensure your loved ones are taken care of in the event you pass away.
Our goal with wills and estates is to provide you with peace of mind. Our lawyers at Floden & Company in Edmonton will prepare your will and manage all other areas of your estate planning.
What is a Will in Alberta?
What is an Estate in Alberta? What is Estate Planning?
A will is a legally binding document that contains information about the distribution of your assets after you die. It can also contain information including appointing guardians and money for support for minor children as well as your burial or funeral preferences.
An estate is essentially what is left after you die.
Estate planning, however, is a detailed look into what you own, what you owe and what you are leaving behind.
Typically, an estate plan includes your will, trusts, power of attorney, personal directive, beneficiary designations, property transfers and transfers of financial assets, as well as tax considerations.
Estate planning guarantees that your family and loved ones are left with the maximum possible proceeds from your estate.
Because estate planning is more detailed than will planning, it is recommended that you seek the advice of a lawyer.
Our expert attorneys at Floden & Company can ensure your estate plan is clear, concise and adheres to local estate laws.
Planning and Administering Your Will and Estate
While having a will and estate plan are not required by law, not having them can spell trouble for the property and loved ones you leave behind.
Without a properly documented will and estate plan, your assets could end up being controlled by your province or state - meaning that those you leave behind are left without any financial benefits.
When you consult with our lawyers at Floden Company, you can rest assured we will expertly handle your will and estate planning in the following areas:
Estate and Tax Planning
Canada does not currently have an estate tax. What the CRA does is deem your assets sold just before your death for tax purposes. This triggers a tax on all of your assets.
Floden & Company works closely with tax experts in order to make sure you
After your passing, your legal representation (either the executor of your will or estate administrator) is required to file a final income tax return, and ongoing trust returns in the event that some of your money is held in trust.
Any owing taxes are paid by the estate first. Whatever is left over is distributed to those listed to receive an inheritance.
Maximizing that amount means carefully creating a plan for both your taxes and the details of your estate.
Our experienced lawyers at Floden & Company can handle all areas of your estate planning to ensure what you leave behind benefits your family and loved ones.
Estate Administration and Litigation
This area of estate law can be very complex and can often require mediation and negotiation due to the emotions and finances involved.
Estate administration can be difficult when issues arise. Common issues include: undue influence, lack of capacity of the deceased, unequal inheritance within families, challenging an executor and validating the will arise.
When interested parties create conflict over a will or estate, estate litigation can occur.
For example, a person who feels they were treated unfairly by the terms of the will (or are absent from the will) can pursue litigation in court for what they feel they are entitled to.
Floden & Company is experienced in handling administration of estates, as well as estate litigation.
Asset protection means ensuring that the people who are to inherit your assets actually receive them as you intended.
Many individuals choose to establish a trust, which is an estate planning tool that can help protect your assets.
A trust allows a third party (trustee) to hold assets in a fund on behalf of whoever will inherit it.
In most cases, individuals choose to establish trust funds for children under the age of majority - this protects the assets from both taxes and probate, and ensures your children receive the benefits when they come of age.
After your passing, your estate has to be divided among those you choose to inherit your assets. However, before your executor can carry out your wishes, your will must be proven to be genuine.
Probate refers to the process of proving that your will is legal and ensuring that your estate is transferred in an orderly manner.
Applying for probate by the executor involves taking an inventory of your property and paying off your debts.
Planning for probate can ease the responsibilities of the executor and ensure that the will is followed accurately and fairly.
Consulting with our lawyers at Floden & Company can help simplify the process and ensure compliance with the will meets all legal requirements.
Peace of Mind
They say that when you pass you are “at peace” - so why not make this true about the legacy you leave behind?
For more information about having your will and estate plan properly documented and administered, get in touch with Floden & Company today.