Successful business owners have worked hard to get their businesses started and operating in the black. Alberta entrepreneurs want to safeguard their businesses and part of that entails proper estate planning and administration. Having an estate plan in place is a major safeguard for a business -- whether that business is small, medium or large. Most business owners will get peace of mind knowing their businesses will continue to flourish when they're no longer around to oversee them.
Estate planning and administration for savvy business owners
Estate planning: A joint account vs. an enduring POA
Parents always want what is best for the children even when their kids become adults. Most Alberta parents have their children in mind when they begin estate planning. One of the issues they may ponder is how to leave the most to their kids in their wills and they might consider avoiding probate as a way of doing that.
Items often overlooked in comprehensive estate planning
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.
Estate planning: Keeping the peace over end-of-life wishes
Taking about end-of-life plans with loved ones is not the most pleasant of conversations, but it is an important one. Alberta residents who are looking to do some comprehensive estate planning most likely don't want their plans to cause any family disagreements, so speaking with loved ones about end-of-life wishes is a discussion that needs to happen at some point. A discussion should be compassionate, honest and a testator should be able to explain the reasons behind his or her decisions and to have loved ones weigh in on them.
The importance of estate planning for new Alberta parents
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.
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.