Estate Planning Lawyers in Calgary, AB Crafting the Right Plan for You
Property and estate planning is not just something for stuffy rich people. Estate lawyers and estate planning services establish personal directives for clients in various tax brackets.
Whether you have a modest income with a small house or a whole legal team protecting dozens of corporate assets and real estate lawyers for each of your mansions, having a conversation with estate lawyers regarding estate planning should be a priority.
The law firm of Getz Collins and Associates is ready to help you through the legal process of estate administration with a team of estate lawyers who can provide their guidance with estate planning issues such as estate litigation, establishing personal directives, initiating an enduring power, or designating a personal representative. Call (587) 849-4470 today because those who pass without estate planning cost their families more heartache and financial strain in legal services than those who die with one correctly set.
What Protections Do Proper Estate Planning Services Provide?
Law firms recommend a proper estate administration be placed due to the issue of probate court. If no legal document or personal directive exists to nominate enduring power, your assets will not pass peacefully to your family. Without prior estate planning, your assets will enter a probate court process that can last for years, become increasingly costly, and tie up assets that a simple will may have alleviated.
Getting a valid will, wills, or other legal documents in place as part of estate planning can provide several protections for your family;
- Establishing personal directives
- Designating an heir or heirs for your assets
- Designating enduring powers
- Proper distribution of assets and estates
- Designating wills in a scenario of life support or mental incapacity
- Willing guardianship for dependent children
- Establishing plans for future estate tax planning
- Making medical decisions or options for elderly or end-of-life medical care
- Naming successive guardianship
In the probate process, without valid wills that make sense of your final wishes upon death, the probate process has no option but to advance in a direction laid out by provincial law. This will-less option left unchanged, runs the risk of leaving your family haggling with state lawyers and racking up fees that should have been theirs the whole time. Wills are designed to prevent this issue, along with many other uses.
How Can An Estate Plan Affect Expenses?
In the event of your death, your estates should transfer directly to your listed beneficiaries. These transfers have financial attachments. Court clerks and staff establish flat rate fees for these services that you and your estate lawyer should consider during estate planning. The clearer the documentation, the easier the process is for the staff charging your estate for these services.
Proper estate planning and tax planning can protect yourself and your heirs from the IRS by preparing for inheritance taxes. In planning with your lawyer, have them show you how a personal directive can decrease your beneficiary’s income tax responsibility.
What Other Things Can Estate Planning Do?
Lawyers acting per the wills and estates of a properly drawn estate plan can empower you with many options for your assets after you pass. An adequately laid will and estate administration can do anything from:
- donate the finances you leave behind to a local cause or charity
- name a successor to a company or stocks that you have
- assign and explain your wills if you are left in a state of incapacity, either mentally or physically
- establish plans for the future of your surviving dependent children
- much more.
Do I Need to Speak with Estate Planning Lawyers?
If you have been placed in a position of power over the assets of someone who has passed, you may wish to speak with an estate lawyer unless all or most of the following are true:
- There is a will or trust in place already
- Your family is 100% in agreement with you over asset distribution
- The estate has enough money to pay back all debts
- You have intimate knowledge of provincial estate law
If those things are not true, speak with a trusted law firm in Getz Collins and Associates. We will establish a relationship between you and a lawyer with experience in handling estate planning that will get you started today. Call (587) 849-4470 today.