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estate planning Archives

Longer lifespans should be considered in estate planning

Recent statistics show that people in Canada are living longer. This reality has changed how wealthy Alberta residents prepare for retirement or consider estate planning. Many continue to have an active life of travel and socializing well into their 80s, which may mean major financial adjustments. Others may plan to be active longer than their bodies allow. How can plans adjust to these unforeseen circumstances?

Estate planning is for old and young, rich and poor

Some residents of Alberta may share in the common misconceptions that exist with relation to the planning of an estate. The biggest mistake people make is to think that they are much too young even to consider getting started -- believing it is something to deal with around retirement age. Another fallacy is that estate planning deals only with issues that arise after a person's death while the truth is that it can be extremely valuable even during life -- regardless of a person's level of wealth.

Complex families may require especially sensitive estate planning

Because the words, "'Til death do us part" hold true less often these days than they did for generations of the past, the modern family comes in many forms in Alberta. It is not all that unusual for a man or woman to marry more than once during his or her life, and this can lead to complicated family dynamics. As a result, estate planning may be less straightforward for some people and might require a delicate touch.

Despite thorough estate planning, one heir can upset everything

The truth is, once a person has passed on, he or she no longer has any control over his or her estate. For that reason, many people in Alberta put considerable effort into estate planning. Unfortunately, it takes just one disappointed heir to potentially upset the works, as is the case with a Hollywood widow who feels she deserves more than her allotted share.

Complex estate planning may require a professional's touch

As people live their lives, if they are fortunate, they will meet people who become important to them. Some people may wish to leave a gift for these special individuals after they pass away. However, if there is some level of secrecy to the relationship, an open bequest may not be suitable. The question then becomes, can a person in Alberta bequeath assets secretly as part of his or her estate planning? The answers are as complicated as the situations they cover.

Part of estate planning is choosing the right executor

Every good ship needs a skilled captain; every expedition needs a knowledgeable guide. Moreover, every will needs a capable executor. In order to be effective, a will must be carefully thought out and put together, but all the best estate planning could go out the window if the executor is not able to administer the estate. Here are some tips for choosing an executor in Alberta.

Legal advice for estate planning in Alberta

No matter a person's age, it is important to be prepared for the inevitable end that comes to everyone. Estate planning provides a person the opportunity to decide how his or her assets will be divided, and how best to provide for loved ones left behind. For anyone in Alberta just getting started, or for those seeking to update their plans, here are some tips provided by one of the nation's leading investment firms.

Granting power of attorney is a key part of estate planning

Many people make plans for what happens to their assets after they pass away. However, there is more to estate planning in Alberta than simply deciding who gets what. Preparing for a future in which one is still living, but not able to make essential decisions, is just as important.

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