Avoid These Estate Planning Mistakes to Protect Your Legacy

Estate planning is not something that people enjoy thinking about, but it is essential for every individual to plan their estate to ensure their legacy is protected for the future generation. Proper estate planning is about creating a comprehensive plan of action for who will receive your assets and how they will be distributed, in the event of your incapacity or death.

However, estate planning can be a challenging task. Many people make mistakes in the process which can cause significant issues down the line. In this article, we will discuss the most common estate planning mistakes that people make, and how to avoid them.

Mistake #1: Failing to Plan

Many people avoid the process of estate planning altogether, thinking that it is not necessary. However, failing to plan properly can lead to significant trouble for your loved ones, if something happens to you. Without a will or a trust plan, your assets will be distributed by provincial law, which might not necessarily align with your wishes.

How to Avoid: The best way to avoid this mistake is to work with a professional estate planning lawyer to create a comprehensive plan that is aligned with your wishes.

Mistake #2: Not Updating Your Plan

Even after creating an estate plan, people make the mistake of not updating it when significant life events occur. Life events such as the birth of children/grandchildren, divorce, and other significant life changes can significantly impact your estate planning needs.

How to Avoid: Ensure that you are reviewing your estate plan regularly with your estate planning attorney to make the necessary changes based on significant life events.

Mistake #3: Not considering Your Beneficiaries

Not all assets are passed by probate, which means you need to pay attention to each asset’s beneficiary designation. In some cases, people forget to update their beneficiary designation or leave it to the wrong people.

How to Avoid: Always ensure that your beneficiary designations are consistent with your estate planning documents and are up to date.

Mistake #4: Choosing the Wrong Trustee or Executor

When selecting a trustee or executor, people often make the mistake of choosing family members without considering their qualifications or ensuring that they are willing to serve.

How to Avoid: Choose a trustee or executor that is reliable, trustworthy, and competent to carry out their duties as defined under your plan.

Mistake #5: No Power of Attorney or Personal Directive

An enduring power of attorney and personal directive is necessary for everyone to ensure that their health care and financial decisions can be made, in the event of incapacity or disability.

How to Avoid: Work with your estate planning lawyer to create an enduring power of attorney and personal directive that is consistent with your estate plan.

Estate planning is about making sure that your assets end up in the right hands and that your loved ones are protected. While it may seem like a daunting task initially, avoiding mistakes can help ensure that your estate plan is comprehensive and up-to-date. Work with an estate planning lawyer and avoid the mistakes discussed in this article to ensure that your wishes are fulfilled and your legacy is protected. Proper estate planning is a tribute to your loved ones and the ideal way to secure your family’s future.

At Summit Legal Group, we include a comprehensive Will Package, which includes the Will and Last Testament, as well as the Personal Directive and Enduring Power of Attorney. Reach out to us today to find out how we can help and ensure your legacy is protected in the preparation of your legal documents.

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 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.

Essential Elements to Include in Your Estate Plan

Death is an inevitable part of life, and we don’t like to think about it much. However, it is essential to think ahead and plan for the future, especially by preparing an estate plan. It’s a critical document that ensures your last wishes are met and helps to prevent chaos and confusion among your loved ones after your passing. An estate plan will divide your property and assets, designate guardians for your minor children, and even help with tax planning. In this article, we’ll discuss the essential elements that must be included in your estate plan.

A Will:

A will is a legal document that specifies how your assets and property should be distributed after your death. If you don’t have a will, the court will decide who gets what, which may not be in accordance with your wishes. Your will must specify the distribution of your assets, the person responsible for executing your will, and the amount of inheritance for each beneficiary.

Enduring Power of Attorney and Personal Directive:

An enduring power of attorney and personal directive designates a person to manage your finances and healthcare decisions if you become incapacitated and cannot make decisions for yourself. An enduring power of attorney will allow your designated representative to access your accounts, pay bills, and make financial decisions on your behalf. A personal directive will allow your representative to make medical decisions for you if you are not able to.

 

Guardianship:

Designating a guardian for your minor children is another crucial element of estate planning. If you have minor children and both parents pass away without naming a guardian, the court will appoint someone. This may be a different person altogether, so it’s essential to ensure that your wishes are met. You’ll want to consider factors such as age, location, and values when choosing a guardian.

 

Beneficiary Designations:

Life insurance policies, registered investments, and other accounts require beneficiaries, and these designations must be updated regularly. Make sure you list primary and alternate beneficiaries, and check with your retirement account custodian to ensure your designations are updated and accurate.

 

Digital Estate Plan:

As our lives become increasingly digitized, it’s critical to include a digital estate plan that covers things like social media profiles, online banking, and other online accounts. You may want to consider designating a separate executor for your digital assets, leaving instructions for how to access and handle these accounts.

 

When it comes to estate planning, everyone’s circumstances are unique, so it’s essential to talk to a lawyer or estate planning professional who can help you create an estate plan that meets your specific needs. While drafting an estate plan may seem overwhelming, it’s an essential step to take that can provide peace of mind for you and your loved ones. By following the steps discussed in the article, you can create a comprehensive estate plan that helps to ensure your last wishes are met.

Reach out to us today and let Summit Legal Group guide you in the estate planning process. 

AUTHOR

Craig Gorham is a Certified Executor Advisor at Summit Legal Group, guiding clients through the Estate Administration process with compassion, empathy and a wealth of specialized knowledge. Craig can be reached directly at 587-393-2069 or craig@summitlegalgroup.ca.

Summit Legal Group wins the 2024 Top Choice Award for Wills and Estates Law Firm!

UPDATE (January 11, 2024)

We are pleased to announce that Summit Legal Group WON the 2024 TOP CHOICE AWARD for WILLS & ESTATES LAW FIRM!

Check out all the 2024 Winners here.

___________________________________________________________________________________________________

Summit Legal Group is pleased to announce that once again, we have been selected by the prestigious Top Choice Awards as a nominee for the “Top Choice Wills & Estates Law Firm” of 2024!

This nomination is a testament to all the hard work and dedication of our team, providing high-quality legal services in wills and estates. Each of our lawyers and our Certified Executor Advisor are committed to providing our clients with top-notch legal expertise and advice. Our lively and engaging staff are passionate about helping clients navigate estate planning, trusts, and other services related to wills. With our experienced team behind us, we feel confident that we can achieve this great honour!

We invite you to join us in celebrating this incredible opportunity by casting your vote today to help make us YOUR TOP CHOICE!

VOTE HERE: https://topchoiceawards.com/vote?survey_id=V0uE4zGn

But wait, there’s more! By simply voting, you automatically enter a draw with a chance to win one of four incredible $500 cash prizes generously offered by Top Choice Awards!

Stay tuned for further updates and exciting developments on our journey to victory!

I Have No Assets, Do I Still Need a Will?

When you hear the word “estate,” you tend to think of wealth, property, and assets. As such, people assume that creating a Will is only necessary for the wealthy. Regardless of your financial status or age, having a Will is an essential component of your life planning strategy.

Protecting Your Loved Ones: Your Will enables you to specify your wishes for your children’s guardianship should something unexpected happen to you. Without a Will, the courts decides and manages decisions regarding their well-being.

Protecting Your Digital Estate: In today’s technological era we have various digital assets including social media accounts, web domains, crypto currency emails, and online storage. Assigning someone you trust as the executor of these accounts in your Will can save your family members from a lot of stress and difficulties.

Ensuring Quick Dispensation of Your Assets: When someone dies, the process of dispersing the estate could take years. With a Will the process to can be more convenient and faster for your family members.

Trust and Peace of Mind: A Will is a way to provide reassurance and support for your loved ones by providing clarity and ensuring distribution of your estate is according to your wishes.

Flexibility: A Will does not take effect until your death, so you can modify or revoke your Will anytime you wish while you’re alive.

A Will is essential for everyone—not only the wealthy. A Will is a valuable component of a well-structured life plan. It’s a symbol of your love and care for your loved ones and proves invaluable to ease their difficulty when you’re gone. So don’t hesitate, make your Will and provide peace of mind to those who matter the most to you.

Craig Gorham
Certified Executor Advisor

AUTHOR

Craig Gorham is a Certified Executor Advisor at Summit Legal Group, guiding clients through the Estate Administration process with compassion, empathy and a wealth of specialized knowledge. You can reach Craig directly at 587-393-2069 or craig@summitlegalgroup.ca.

Fast Track Grant Approval

Grant application approval

In our recent bLAWg post, we shed light on the typical time frame for a Grant of Probate or Administration approval. However, you may find yourself in a situation that calls for a quicker turnaround. Here’s how you can help expedite the process to fast track the grant approval:

  1. Enlist the right expertise: Choosing an experienced firm is key. Interpretations of the Wills and Succession Act (Alberta) and Surrogate Rules (Alberta) are ever-evolving, even if the regulations themselves don’t change. Outdated techniques may not be applicable today. At Summit Legal Group, we stay abreast of these changes and are consistently in touch with the Surrogate section of the Court to ensure our applications align with the current expectations.
  2. Full disclosure is the best approach: Before we start, we circulate a comprehensive questionnaire to the proposed executor. This information gathering is crucial as minor mistakes can lead the court to reject it. Simple errors such as such as misspelled names or incorrect addresses can cause delays. The application is sent back to us for revisions before we can resubmit the application to the court. Plus, we can only guide you based on the information you provide. Therefore being as thorough as possible in your responses allows us to assist you better.
  3. Ensure you have a valid will: Make sure you and your loved ones have valid wills. As we’ve highlighted before, grants eligible for electronic submission can often be approved in a matter of weeks, instead of months.

Don’t let the process of obtaining a grant slow you down. Reach out to Summit Legal Group’s team of skilled Estate professionals today for efficient and cost-effective Estate solutions. Let us help you navigate this journey with speed and precision with the hopes to fast track the grant approval process.

Craig Gorham
Certified Executor Advisor

AUTHOR

Craig Gorham is a Certified Executor Advisor at Summit Legal Group, guiding clients through the Estate Administration process with compassion, empathy and a wealth of specialized knowledge. You can reach Craig directly at 587-393-2069 or craig@summitlegalgroup.ca.

The Essential Guide to Navigating Probate Without a Will

Have you ever wondered how to navigate probate when there’s no will left behind? Although the process may seem complex, understanding it is simpler than you think.

Probate, as we’ve previously covered in this post, is a procedure for settling an estate after someone passes away. But what happens when no will is left behind? While the term ‘probate’ might not strictly apply, a comparable process comes into play. Known as a Grant of Administration from the Surrogate section of the Court of King’s Bench of Alberta, you would submit an application to the court. This empowers the estate’s executor, also known as a Personal Representative or Administrator, to manage and distribute the estate as they would under a standard probate process.

You might be asking: “What’s the difference between probate and administration?“

The answer lies in the details. Both processes end with an executor named and a plan for distributing the deceased’s assets. The crucial difference is that without a will, the deceased has no say in who becomes the executor or how their estate is divided. In essence, the Alberta Courts assume that if the deceased didn’t prepare a will, they did not have specific preferences about their estate’s distribution.

Applying for a Grant of Administration for an intestate estate (an estate without a valid will) can certainly be more challenging than probate. But with the right guidance, it’s a mountain that can be climbed.

At Summit Legal Group, our mission is to empower you with the insights and expertise needed to navigate this journey successfully. We invite you to reach out to our compassionate and experienced estate team for a complimentary initial consultation.

Begin your journey with confidence and peace of mind – contact Summit Legal Group today. Remember, you don’t have to go through this process alone; we’re here to guide you every step of the way. Click here to book your free consultation now.

Craig Gorham
Certified Executor Advisor

AUTHOR

Craig Gorham is a Certified Executor Advisor at Summit Legal Group, guiding clients through the Estate Administration process with compassion, empathy and a wealth of specialized knowledge. You can reach Craig directly at 587-393-2069 or craig@summitlegalgroup.ca.

Get Answers to Your Probate Questions: How long does it take?

A frequently asked question from executors pertaining to securing a Grant of Probate or Administration is: ‘How long does the process take?’ (a close second to ‘What’s the cost?’). Thankfully, the era of drawn-out applications leading to postponed distributions to beneficiaries is mostly a thing of the past. Currently, over half of our probate applicants receive their approved grant within 30 days of their first consultation with our office – however it hasn’t always been that way.

In April 2022, the Court of King’s Bench of Alberta unveiled a new system for submitting and approving probate and administration grants in Alberta. This system, which came into effect on June 14, 2022, modernized the process by doing away with the old ‘NC Forms’ and introducing the simplified ‘GA Forms’. Furthermore, the new Surrogate Digital Service now enables members of the Law Society to file probate applications electronically, phasing out the traditional paper submissions.

Prior system was slow

Looking back, it’s helpful to gauge how far we’ve come. Before the changes, we analyzed all grant applications filed by Summit Legal Group at the Calgary Courthouse from January 1, 2021, to June 13, 2022. During that period, the average time between the Court ‘filing’ the application and notifying us of the grant’s approval was 89 calendar days. This, however, varied significantly with some applications getting approved in as short as 28 days and others taking as long as 193. In our experience, applications sent to the Edmonton Courthouse took longer than average to get approved while those sent to smaller city Courthouses (Lethbridge, Red Deer, etc.) usually received faster approvals.

Digital submissions are fast

Fast forward to today and the effects of the digital submission system are overwhelmingly positive for our clients. Probate applications processed during the first year of the digital service have seen an average turnaround of only 15 calendar days from the time the Clerk accepts the application until we receive approval. We’ve even seen approvals within 3 days, although we generally advise clients to anticipate 2 – 3 weeks.

Improvements with analog submissions too

On the other hand, not all applications are eligible for submission via the Alberta Court’s digital service, including all cases where the deceased did not leave a will, known as a grant of Administration, and a small percentage of probate applications. Nevertheless, the approval process has sped up here in Calgary too, with the average approval time now down to 78 calendar days – almost a two-week improvement on the old system.

With multiple lawyers in house, along with a Certified Executor Advisor, Summit Legal Group is uniquely qualified to assist you with all of your probate and estate administration needs. Please contact us and you’ll find out why we’ve earned more than 170 5-star google reviews.

AUTHOR

Craig Gorham is a Certified Executor Advisor at Summit Legal Group, guiding clients through the Estate Administration process with compassion, empathy and a wealth of specialized knowledge. Craig can be reached directly at 587-393-2069 or craig@summitlegalgroup.ca.

What is Probate?

Merriam-Webster defines probate as “the act or process of validating, through a competent judicial authority, a document presented for official acknowledgment and registration as the final will and testament of a deceased individual.”

But what does that mean in a practical sense?

As an executor, you may face challenges with accessing the deceased’s funds. Likely, their bank or another institution that the deceased’s funds cannot be released until you secure “Probate”. However, they typically don’t provide much further guidance apart from recommending you consult with a lawyer.

The following are key elements involved in the Alberta probate process:

1. The original signed will of the deceased is presented to the Surrogate section of the Court of King’s Bench of Alberta (the “Court”). Accompanying this submission is an application containing information about the deceased, the proposed executor(s), all beneficiaries named in the will, and any individuals with potential claims against the estate as well as a document substantiating the deceased’s death. This application includes an oath sworn by the applicant, affirming the accuracy of the provided details and of their comprehension of an executor’s duties and responsibilities.

2. The proposed executor affirms to the Court that all individuals who are required to be informed of the estate’s administration have been served the necessary documents.

3. A clerk of the Court examines the application and the will, then performs due diligence to verify the accuracy and completeness of the provided information. If any shortcomings are identified, the clerk returns the application and the Will to the applicant. They include requesting corrections be made before resubmission.

4. Once the Clerk is satisfied, the application is forwarded to a Justice of the Court. This Justice conducts additional scrutiny to validate the will, following which, if approved, they issue the ‘grant of probate.’ The grant identifies the executor(s) (referred to as the estate’s Personal Representative) and signifies to any third parties that they have been authorized by the Court to manage the assets of the deceased.

While this overview makes things look simple and straightforward, at Summit Legal Group we know that the process can be confusing… even overwhelming for the executor involved. Please reach out for a no obligation consultation to answer your questions and to provide you with some relief and guidance.

Craig Gorham
Certified Executor Advisor

AUTHOR

Craig Gorham is a Certified Executor Advisor at Summit Legal Group, guiding clients through the Estate Administration process with compassion, empathy and a wealth of specialized knowledge. You can reach Craig directly at 587-393-2069 or craig@summitlegalgroup.ca.