New parents are likely overwhelmed with having a new addition in the family, even with all the joy they feel. Alberta couples or single individuals who are parents for the first time may not even have estate planning on their radar, but they actually should for a number of reasons. No parent ever wants to think about being in a position of not being able to care for their baby, but planning for unforeseen events is crucial.
The importance of estate planning for new Alberta parents
Estate planning to prevent elder abuse situations
There are various tools which can be used to thwart potential elder abuse. During estate planning, Alberta residents can make decisions regarding their futures as they age while they still have the mental capacity to do so. Some wise things to do while a person is still mentally capable could include setting up joint bank accounts, trusts, paving the way for supported decision-making and co-decision-making. Doing these things could prevent potentially abusive situations for seniors.
Avoiding mistakes in estate planning in Alberta
One of the biggest planning mistakes is not planning at all. All Alberta residents should give thought to estate planning and sooner is better. Life has a way of throwing curve balls and not having necessary documents in place should something unforeseen happen could make life even more grievous for family members. Another big mistake is believing a will is the only document that is needed in an estate plan.
Handling rental properties in estate planning and administration
Buying rental properties may be one way individuals can boost their assets and income. Alberta residents who are thinking about the future should know how to handle these properties when it comes to their estate planning and administration. Executors dealing with rental properties need to be prepared as well. They not only have to think about beneficiaries, but also have to think about the people currently renting the properties.
Estate planning: Alberta DIY will kits not the wisest idea
Most people like to cut corners to save a few bucks. But there are some areas that Alberta residents should have professional help in doing and one of those areas is estate planning, particularly when it comes to writing a will. Do-it-yourself will kits might be inexpensive or come without any cost at all, but they could also be challenged when the time comes.
