Estate Planning: Lawyer vs. Do-It-Yourself – Which is Better

Estate planning is important for everyone, regardless of age or the size of your estate. It’s a process of organizing your assets and taking care of your loved ones in the future. Estate planning involves drafting wills, trusts, and other legal documents. Although some might consider doing it themselves, there are several reasons why hiring an estate planning lawyer is the better option.

The Complexity of Estate Planning

Estate planning involves many legal documents, which are complex and require professional knowledge and expertise. An estate planning lawyer can provide guidance and ensure that they draft documents correctly. An experienced lawyer will assess your situation, understand your goals and needs, and create an estate plan that meets your requirements.

Mitigating Risks

Estate planning can help mitigate the risks of potential legal battles between beneficiaries. A lawyer can ensure that the estate plan adequately addresses the clause that outlines the distribution of assets.

Saving Time and Money

Estate planning can be time-consuming and costly, but a lawyer can help you save money and time in the long run. An estate planning lawyer can help you complete your wills and other legal documents much more quickly and efficiently while ensuring they consider any legal and tax implications.

Keeping Up with Legal Updates

Estate laws are constantly changing. An experienced estate planning lawyer can keep you up to date with any updates that might affect your estate plan.

Legal Protection

An Estate planning lawyer makes sure you are protected from unforeseen circumstances, such as heavy tax liabilities, breach of contract, and much more. A lawyer will ensure that the estate documents comply with the legal standards embedded by the province.

Estate planning is vital, and a mistake in this area could bring severe consequences to your beneficiaries. While doing it yourself might be the less costly option, the benefits of using an estate planning lawyer are significant. An experienced estate planning lawyer can ensure that your wishes are met, mitigate any potential risks, and take care of the complexity of the legal documents. Therefore, it could save you and your beneficiaries time and money in the long run. It’s vital that everyone should make an effort to consult and employ an estate planning lawyer to avoid any unpleasant circumstances.

If you have any questions about estate planning or if you are not sure what you need, get in touch! You can schedule a complimentary consultation with our Estates Manager who can assist with some of your initial questions. Get in touch with us today to help you with your estate planning needs.

New Year, New Business: A Comprehensive Guide to Starting a Business in Alberta

Starting a new business can be an exciting yet daunting experience. It requires a lot of planning, hard work, and dedication to make your business successful. One of the first steps to start a business in Alberta is to incorporate it. Incorporation is a legal process that provides your business with a separate legal entity from its owners, which means that your business can operate independently and have its own legal rights. In this blog post, we will discuss the process of starting a business in Alberta, including incorporation, registration, and other important aspects that you should know.

Decide on Your Business Structure

Before starting a business, you need to decide on its structure. In Alberta, you can choose from four types of business structures: sole proprietorship, partnership, corporation, or cooperative. Each of these structures has its own pros and cons, and choosing one that is suitable for your business will depend on factors such as your business size, ownership, and liability. If you decide to incorporate, you will need to choose between a federal or provincial corporation. A federal corporation is recognized across Canada, while a provincial corporation can do business only in Alberta.

Register Your Business Name

Once you have decided on your business structure, the next step is to choose and register your business name. Your business name will serve as your brand so it is important to choose a name that is unique and easy to remember. You can check if your desired name is available using the NUANS (Newly Upgraded Automated Name Search) system before registering it with the Alberta Corporate Registry.

Incorporation Process in Alberta

Incorporating a business in Alberta involves several steps, including the following:

1. Preparing the articles of incorporation;

2. Filing them with the Corporate Registry; and

3. Paying the fees.

The articles of incorporation contain details such as the company’s name, business purpose, and share structure. Once the articles receive approval, you will receive a certificate of incorporation. This confirms your business’s legal existence and provide you with a unique business number.

Get Required Business Licenses and Permits

Before you can operate your business, you’ll need to obtain the necessary licenses and permits. The specific requirements will depend on the nature of your business and its location. Some common permits and licenses that businesses require in Alberta include a business license, GST/HST registration, and workers’ compensation coverage.

Understand the Tax Obligations

Once your business is up and running, you’ll have to fulfill certain tax obligations. In Canada, there are various taxes businesses pay including corporate income tax, payroll taxes, and GST/HST. It is essential to understand your tax obligations and deadlines to avoid any penalties or fines.

Starting a business in Alberta requires a lot of planning and preparation. Incorporation is a crucial step that provides your business with a separate legal entity. This offers several benefits such as limited liability and access to funding. By understanding the process of starting a business in Alberta and the requirements, you can ensure that your business is set up for success from day one. If you are still unsure about the process, it may be helpful to seek the guidance of a lawyer or accountant who specializes in business incorporation.

Summit Legal Group has a corporate law team who can help guide you through the necessary requirements to set up your new business. Contact us today to let us help you start! Schedule a complimentary call with our Corporate Paralegal who can assist you with any questions you have before you begin!

New Year, New Estate Plan: Why Now is the Perfect Time to Evaluate your Estate Planning Needs

The New Year is upon us once again. With it comes the perfect opportunity to re-evaluate certain aspects of our lives. While most of us use this time to set goals and resolutions, many overlook a crucial element – estate planning. Estate planning may not be the most exciting topic, but it is essential. It secures the future of your loved ones and ensuring that you decide how you distribute your assets. In this blog post, we will discuss why the New Year is the perfect time to evaluate your estate planning needs.

Changes in Life Circumstances

One of the primary reasons to review your estate plan is if your circumstances have changed since the last time you made one. Did you get married or divorced? Or, did you have a child or adopt one? Perhaps some recent business decisions may impact your assets. Did you sell or acquire assets? All of these events may impact the way you distribute your estate and so it is imperative to update your estate plan to reflect these changes.

Tax Laws and Estate Planning

Tax laws are always evolving, which may impact your estate plan. Sometimes these changes may have an impact on how much your heirs may receive. An estate planning specialist can give you the best advice about minimizing your tax liability and maximizing the inheritance for your beneficiaries.

The Importance of Updating Your Beneficiaries

One of the simplest yet most important parts of estate planning is naming your beneficiaries. However, it is essential to ensure that your beneficiary designations are up to date. Many people forget to update their beneficiaries even after major life changes have occurred, which may lead to unintentional complications.

Ensuring Your Wishes Are Carried Out

One of the primary benefits of having a proper estate plan is the ability to have more control over what happens to your assets after you pass away. Even if you do not have substantial assets, you may still want to have control over your sentimental possessions. By putting a proper estate plan in place, you will ensure that your executor can carry out your wishes.

Protecting Your Family’s Interests

Estate planning is not only about you, it is also about your family. A proper estate plan will ensure that you protect your family’s interests and can outline them clearly. It can protect them from potential legal battles, the probate process, and provide peace of mind during a difficult time. A comprehensive estate plan can give your family the tools they need to move on from your passing with ease.

The New Year provides an excellent opportunity to evaluate your estate planning needs. Regardless of age, income, or family structure, estate planning is essential for protecting your family’s interests and ensuring your wishes are carried out. By reviewing your estate plan and updating it as necessary, you are giving yourself and your family peace of mind and security. Contact us to see how we can help ensure that you manage your assets according to your wishes and your legacy lives on as you desire.

New Year, New House – Your Guide to a Smooth Home Buying Process

young couple happy to move into new home

The New Year brings in new beginnings and resolutions. One such resolution that most of us have is to buy a new house, but the process can be daunting. Purchasing a home is an important decision, and it requires careful planning and expertise. Buying a house is not just about finding the right home; it’s about making the right financial decisions that will set you up for a secure future. In this blog post, we will cover everything you need to know about buying a house.

First Things First – Financial Planning

Before exploring the housing market, you need to analyze your finances. This involves understanding your income, expenditure, credit score, and debt. It’s best to break down your expenses and see how much of your income you can devote to home buying. It’s recommended to aim for a down payment of at least 20% of the home’s value. However, you may take advantage of first-time home buyer incentives for a lower down payment amount. A good credit score will not only assure you of loan approval but also help you secure a better interest rate. Be sure to get pre-approved for a loan before house hunting to know the amount you can afford.

House Hunting – Research and Due Diligence

House hunting can be an exciting experience, but it’s important to be realistic. Before searching, decide on the location, property size, and style that you prefer. Research the market trends and compare prices to avoid overpaying. Visit multiple homes and take note of details that may affect your future living experiences – neighbourhood, proximity to amenities, crime rate, schools, etc. While a home can look picture-perfect, it’s important to have a home inspection done to uncover any underlying problems.

Financing – The Options Available

Financing a home can be a daunting task, but there are several options available. The traditional method is to go through a mortgage lender, where you borrow money to purchase the house and pay it back with interest over a set period. Weigh the pros and cons of each before making a decision. You may want to reach out to a mortgage broker for assistance in evaluating all your lending options, understand borrowing trends and interest rates.

Closing the Deal – Legal Formalities

Closing on a house involves a lot of paperwork and legal formalities. This involves verifying the seller’s title to the property, settling fees, finalizing the mortgage agreement, and clearing any contingencies. Before signing any agreement, it’s important to have a real estate lawyer review the clauses and ensure that all conditions are favourable. Closing can take time and patience, so it’s best to stay on top of deadlines and have answers to any questions you may have.

Moving In – Setting Up Your New Home

Congratulations on closing the deal! This is a momentous occasion and marks the start of a new chapter in your life. Now it’s time to set up your new home. This involves packing, transporting, and unpacking your belongings. It’s an excellent time to set up utilities, such as electricity, gas, and water, and to get familiar with your new community. Be sure to organize everything to avoid any unnecessary stress.

Buying a house can seem like a daunting task, but by taking the proper steps, it can be a life-changing and rewarding experience. Ensure that you analyze your finances first, research the market, and explore various financing options. Review every legal document with a real estate lawyer before signing and close the deal on time. Finally, make your new house a home by staying organized and settling in comfortably.

We hope this blog post has given you a better understanding of what to expect when buying a house. Best of luck in your house hunting and remember to take it one step at a time.

When it’s time to look for a real estate lawyer to assist you with the legal closing of your transaction, reach out to us and we would love to help!