Estate Planning, Trusts and Succession
To schedule an appointment, contact our law firm at 403-400-4092 or Chris@NeufeldLegal.com
When planning your personal and family affairs, to protect the financial future of your loved ones and set forth the parameters of your children's development in your absence, you should be looking to sit down with an experienced lawyer in developing your estate plan. Planning your family's estate requires serious consultation with legal counsel, so that your estate plan not only includes those objectives that you desire, but more importantly those items that you have not identified but are nevertheless extremely important to your family and need to be addressed.
Estate planning takes on many different forms, driven by the resources / finances, needs and desires of you and your family. By working with an estate planning lawyer interested in discerning what you desire and see as appropriate for your family, together with helping you identify aspects that you may not have considered or deemed important, it possible to build the appropriate estate plan together.
The significance of effective and timely estate planning cannot be understated, with the value of a comprehensive and well-developed estate plan including:
A. Ensuring Your Wishes Are Carried Out
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Without a comprehensive estate plan, you lose control over what happens to your assets, your children, and even your medical care. Dying without a will is known as dying "intestate," and in this scenario, the government's laws will determine how your estate is distributed. This means:
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Asset Distribution: Your assets will be divided according to a rigid formula set by law, which may not align with your wishes. For example, a common-law partner may not inherit anything, and your assets might not go to the friends, charities, or other people you intended to benefit.
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Guardianship of Minor Children: If you have minor children, a court will decide who will become their legal guardian. While the court will consider the child's best interests, it may not be the person you would have chosen.
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Medical and Financial Decisions: If you become incapacitated and are unable to make your own decisions, an estate plan with a power of attorney and a healthcare directive ensures that trusted individuals can manage your finances and make medical decisions on your behalf, following your instructions.
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B. Minimizing Stress and Conflict for Your Loved Ones
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Dealing with the loss of a loved one is emotionally difficult. An estate plan provides a clear roadmap that can help your family avoid unnecessary stress, legal battles, and disagreements.
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Avoids Family Disputes: Without clear instructions, family members may argue over who should receive certain assets or who should be in charge of your affairs. A well-drafted plan helps prevent this by leaving no room for doubt.
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Streamlines the Process: The legal process of settling an estate can be long, complex, and costly. An estate plan, especially one that includes a will, can significantly speed up the probate process and reduce legal fees.
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Provides Guidance: Your estate plan can also include instructions for your funeral or burial, which can relieve your loved ones from the burden of making those difficult decisions during a time of grief.
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C. Achieving Financial and Tax Efficiencies
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Proper estate planning can help protect the value of your estate and ensure that as much of it as possible goes to your beneficiaries.
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Tax Minimization: An estate plan can include strategies to minimize or avoid taxes on your estate, such as utilizing trusts, gifting assets, or making charitable donations.
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Protecting Assets for Beneficiaries: You can use trusts to manage and protect assets for beneficiaries who may be too young, have special needs, or are not financially responsible. This ensures the funds are used for their intended purpose.
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Business Succession: For business owners, estate planning is critical for creating a smooth and orderly transfer of the business, preventing its value from being jeopardized by a sudden death or incapacitation.
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Estate planning is not a one-time event. It is important to review and update your estate plan regularly, especially after major life events such as a marriage, divorce, birth of a child, or a significant change in your financial situation, together with any updates from your lawyer, accountant or financial adviser, such that it is best structured to facilitate the generational transfer of your wealth, in conformity with your specific intentions.
Contact our law firm today to learn how our legal team can help you plan for the future or deal with the legal demands associated with the passing of a loved one. Contact our law firm at 403-400-4092 or via email at Chris@NeufeldLegal.com to schedule a confidential initial consultation.
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Henson Trusts. A Henson Trust is a trust (most frequently forming part of a parent's or grandparent's Will) that provides the trustees with the absolute discretion to distribute income and capital from the trust to the beneficiary as they see fit. The trustees have full control as to when, if and how much income or capital is to be paid to the beneficiary. Read more. |
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Inter Vivos Trusts. An inter vivos trust (also known as a living trust) is a legal arrangement created and funded during the lifetime of the settlor (the person creating the trust). The term "inter vivos" comes from the Latin "between the living" and as such is distinguishable from a testamentary trust, which is established on the death of the settlor. Read more. |
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Testamentary Trusts. A testamentary trust is a trust that is created by a person's will and comes into effect only upon their death. It is an alternative to distributing all assets directly to beneficiaries. Instead, assets are transferred to the trust, which is then managed by a trustee for the benefit of the designated beneficiaries. Read more. |
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Irrevocable Trusts. An irrevocable trust is a legal arrangement where the creator of the trust (known as the grantor or settlor) permanently transfers assets into the trust, giving up all ownership and control over those assets. Once established, an irrevocable trust generally cannot be changed, amended, or revoked without the consent of all beneficiaries, and sometimes a court order. Read more. |
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Asset Protection Trusts. An Asset Protection Trust is a legal arrangement designed to safeguard an individual's assets from potential future claims by creditors, lawsuits, or judgments. The core principle behind an asset protection trust is to legally separate ownership of assets from the individual who created the trust, making those assets less accessible to outside parties. Read more. |
IMPORTANT NOTE: This website is designed for general informational purposes. The site is not designed to answer specific questions about your individual situation or entitlement. Do not rely upon the information provided on this website as legal advice in respect of your individual situation nor use it as substitute for individual legal advice. If you want specific legal advice, you need to engage a lawyer under established legal engagement procedures that have been specifically agreed to by that lawyer.
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