EDMONTON WILLS & ESTATE LAWYERS
At Ace Law Group, we have extensive experience when it comes to Wills and Estates. Creating a Will is a necessary step to ensure that your Estate is in order. The creation of a Will differs from person to person, which is why we suggest that you seek assistance to ensure your plans are clear and your Will aligns with all applicable laws. By planning your estate, you are guaranteeing that your wishes are followed and that your beneficiaries are taken care of.
Areas covered by Ace Law Group are:
- Enduring Power of Attorney
- Personal Directives
- Review of Wills
- Estate Planning
- Probate or Administration of Estate
A Will is a legal document that addresses your wishes with regards to the distribution of your property as well as the care of any minor children where applicable. If you pass without a Will, there is a risk that your wishes may not be followed as they have not been legally documented.
Enduring Power of Attorney (EPA)
An Enduring Power of Attorney gives another person (your Attorney) authority to do things that only you can do. Power of Attorney applies if you are still living but are unable to make decisions or take actions concerning your property, assets, or financial affairs. An EPA is very beneficial as it can continue in force after the person granting it loses their mental capabilities. It can also be used to help manage the affairs of people who have lost the ability to do so themselves.
A Personal Directive is a document authorizing another person (your Agent) to make health decisions on your behalf if you are unable to do so yourself. A Personal Directive covers things such as who your doctor would be, what kind of medical treatment you would receive, where you would live, what kind of activities you would engage in, or any other decisions that do not include your Estate.
Review of Wills
A Will may be regarded as a ‘living’ document, and as such, it is recommended for Wills to be reviewed and updated to reflect your current situation. Situations change over time, and this can include your wishes as well as the needs of your beneficiaries.
We recommend that clients review their Wills and Powers of Attorney every five years or earlier based on the following scenarios:
- Life events such as new relationships, marriage, births, separation and divorce
- Changes to investment assets or newly acquired inheritances
- Amendment to the Appointment of an executor or attorney
- In the event that a third party wishes to contest your Will
Estate planning is the process of preparing for the transfer of your wealth and assets after your death. A person’s Estate consists of assets, life insurance, pensions, real estate, cars, personal belongings, and debts. Estate planning is for everybody, and without an appropriate estate plan, friends and family can potentially spend years (and their savings) battling over your assets. It can be a stressful and intimidating process, but it is a necessary step to ensure that your assets end up where you wish and are not interfered with by the government or any third parties.
Probate or Administration of Estate
Probate is a legal process during which we review the will of a deceased person to determine its validity and authenticity. Probate also refers to the general administering of a deceased person’s will or the Estate of a deceased person without a will.
Once an individual passes, a court will appoint either an executor or an administrator. The identity of the executor is in the will. A court designates an administrator through the Administration of Estates when there is no will. The executor or administrator manages the collection of the deceased’s assets to pay any outstanding debts within the Estate. They will also distribute the Estate’s assets to the beneficiaries named in the will or determined as such by the executor.