Wills

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When you pass away, someone is going to have to step in and handle your "Estate". You decide who this will be by naming an "Executor" in your Will. If you don't make a Will, then you do not have control of who this person will be.

In your Will, you decide who gets what. You must make adequate provision for your spouse and dependent children, or else they will have a claim under Alberta law for a greater share of your Estate. If you don't make a Will, the Intestate Succession Act of Alberta dictates who will receive your Estate and you have lost the chance to determine that.

If you have property which is in your name jointly with your spouse (your home? bank accounts?), if you die, that property will go to your spouse automatically. But what happens if you die at the same time in an accident? The law will deem that the youngest spouse lived longest, and the joint property will go to him or her. Then if you haven't made a Will, all that property will go to that spouse's side of the family (if there are no surviving children). Spouses need to make a Will which will make fair provisions in the event both die together, or if one spouse dies first and then the second spouse dies before fixing his or her Will.

If you have children under the age of 18 years, you decide in your Will who will raise them (if both parents die), by naming a "Guardian". If you don't make a Will, you will not have any input into this major decision.

You also name a "Trustee" in your Will to handle your children's share of your Estate. You can specify how old the children should be before they get to handle the money themselves (21? 25? you can pick). If you do not make a Will, your children's money will be handled by the Public Trustee until the children are 18 - the age at which the children will then receive all of their share of your Estate. Many people do not like that thought! If you make a Will, you can say that your Trustee can use the income and even the principal to raise your children, and help them with their post-secondary education, but the children do not get control of the money until you think they will be old enough to be responsible with it.

There may be many other considerations you should keep in mind when making your Will depending on your circumstances. Please contact us for more information on Wills and Estate Planning as well.