Many people put off estate planning until a life event forces the question. In Alberta, three documents form the foundation of a sound plan, and each does a different job.
A will
A will sets out who receives your property and who will administer your estate. If you die without a valid will, Alberta’s Wills and Succession Act decides who inherits, following a set order. The result may not match what you would have chosen, and your family may face additional delay and cost.
An enduring power of attorney
An enduring power of attorney allows you to appoint someone you trust to manage your property and finances if you become unable to do so, for example after an accident or illness. Without one, your family may have to apply to the court to be given authority to manage your affairs.
A personal directive
A personal directive names an agent to make personal decisions for you, such as health care and living arrangements, if you lack capacity. It can also record your wishes so that the people close to you are not left guessing.
Review your documents as life changes
Marriage, separation, the birth of a child, a new business or a move can each change what you need. It is sensible to revisit your documents after any major event, and every few years in any case.
Next steps
If you would like to discuss your own circumstances, contact us. You can also read more about our wills, estates and trusts work.
This article is general information, current at the date of publication, and is not legal advice. Please speak with a lawyer about your own situation. Reading this article does not create a lawyer-client relationship.