Click here for tips about Personal Directives.
Click here for tips on the Enduring Power of Attorney.
Our Wills Package is designed to deal with simple situations only. You will need to meet with a lawyer if your case is complex. Click here to see our definition of a simple will.
If you and your spouse are preparing your Wills simultaneously, you must each complete the questionnaire.
The following should help you understand the requirements before proceeding:
Marital Status
An Adult Interdependent Relationship (previously called common law) exists when two people have: a) lived in a “relationship of interdependence” continuously for at least three years; b) lived in a “relationship of interdependence” that is of some permanence, and have a child by birth or adoption, or c) signed an adult interdependent relationship agreement.
Obligations from Previous Relationships
Suppose you have any existing or potential obligations to a current or previous spouse or adult interdependent partner, children, grandchildren or great-grandchildren. In that case, these obligations should be documented in your Will.
Executors
An executor is a person you name in your Will to carry out your instructions and distribute your estate to your beneficiaries.
- If you are married, your executor will usually be your spouse.
- You may also name one or more co-executors or alternate executors should your first executor predecease you or be unable or unwilling to administer the estate.
- An executor can be a beneficiary.
- Before you name your executors in your Will, ask them if they can carry out these duties.
- Your executors should live in Alberta to avoid complications and additional costs.
- Executors should be trustworthy and capable of handling affairs and potential family conflicts.
Executor Fees
The surrogate rules state that executors are entitled to receive fair and reasonable compensation for administering the estate. If you stipulate the fees, this is the maximum to be paid. If you don't, your beneficiaries or the courts will have to decide. It is strongly recommended that you determine the fees to avoid issues.
Your Estate
Your estate is the total of all your assets less all your debts, except for:
- Assets owned jointly by you and one or more others (joint tenants).
- Pensions or life insurance policies that have a specific beneficiary.
These items will transfer directly to the joint tenants or designated recipients. After paying all debts, all remaining assets (the residue of your estate) will be distributed to your designated beneficiaries per your will's instructions.
Guardians
If you have minor children or children with special needs, you should recommend a guardian to ensure their needs. Although another person can apply to be a guardian, the courts will consider your wishes in making the final decision. You should also name an alternate guardian should your first guardian predecease you or be unable to carry out their responsibilities.
Guardian Support
Consider whether your guardian(s) can support your children, and if not, you may provide a lump sum or monthly payments to assist them.
Distribution of Estate
Your estate is the total of all your assets less all your debts, except for a) Assets that are owned jointly by you and one or more others (joint tenants), b) Pensions or life insurance policies that have a specific beneficiary, c) Gifts and legacies that you specify in your will to be left to others. These items will usually transfer directly to the joint tenants or the other designated recipients.
You should list all your assets and liabilities and decide how you want these distributed. It's also helpful in making these decisions to know whether your RRSPs, RRIFs, other pension benefits or insurance proceeds go to your estate or other beneficiaries.
After paying all debts and paying your executor and/or guardian fees, all remaining assets will be distributed to your designated beneficiaries as per the instructions in your Will. The remaining assets are referred to as the Residue of the Estate.
Gifts and Legacies
If you specify that certain items are to be left to a specific person, those items will not form part of the residue of your estate but will go to the person named. You may still sell or replace those items, but this will require changing your will.
Please do not list any items unless:
- they are valuable or of great sentimental value, or
- you are prepared to pay your lawyer to change your Will when a gift or legacy is sold or replaced
Beneficiaries
Think about all the potential people you may wish to receive as part of your estate. If you are married or in an adult interdependent relationship, your estate will typically go to your spouse/partner. If you do not leave your entire estate to your spouse/partner, this may have adverse income tax implications for your spouse/partner.
Other considerations:
- How will your estate be distributed if your spouse/partner predeceases you?
- If one or more children are minors, will they receive their share of the estate at what age?
- If a child dies before you or before reaching the age, they are entitled to receive their share of the estate, who shall receive that child's share?
- How is the estate to be distributed if you and your spouse/partner die simultaneously?
- How is the estate to be distributed if you and your spouse/partner, children, and grandchildren die in a common accident?
Funeral Arrangements
You will indicate your wishes regarding:
- Burial
- Cremation
- Donation of your body, or organs and tissues, to medical science
- Any pre-arrangements you have made