No one likes to sit down and come face to face with their eventual death. But death is a part of life and turning a blind eye to the inevitable will ultimately only cause added pain and suffering for grieving family members if a late loved one did not have an estate plan. Comprehensive estate planning is necessary for Alberta residents, as well as for their loved ones.
What is included in an estate plan is also important and that means having more in place than just a will. In fact, there are some things that are overlooked by many estate plans such as personal loans given to loved ones. These types of issues could cause problems in the will and it should be noted what is to become of such a loan should the estate owner pass away -- whether the loan should be forgiven or should come out of that person's share of the estate.
Another issue often sidestepped in an estate plan are taxes. The estate of an individual is responsible for paying any taxes on registered plans like an RRSP. This is why any registered plans should be kept separate from other assets and be distributed equally among beneficiaries. As well, thought is not usually given to how much it will cost to ship physical items to various heirs and who will foot that bill -- the estate or the beneficiary -- and how to handle this should be spelled out in the estate plan. Other things to make sure of are ensuring an executor is current and what should happen with a testator's digital assets like online accounts and social media pages.
There are so many components to an estate plan. Sometimes things are overlooked. An Alberta lawyer may be able to help his or her client with comprehensive estate planning that meets with his or her personal circumstances.