(And Why You Should Start Today)
Most people hear “estate planning” and picture wealthy families with sprawling assets, complicated trusts and intimidating lawyers and law offices. But here’s the truth: estate planning is for everyone, and our lawyer and legal assistants are part of the same community and team sports - and on the same roads and bus rides as you. And the sooner you start at estate planning, the better off you and your loved ones will be.
So, what exactly is estate planning?
At its core, estate planning is the process of deciding what happens to your belongings, finances, and healthcare decisions if you become incapacitated or pass away. It’s about making sure the people you love are taken care of, and that your wishes are honored without leaving your family scrambling to figure things out during an already difficult time.
The basic building blocks
A solid estate plan in Alberta typically includes a few key documents:
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A Will: This tells the world who gets your assets and, if you have children, who will care for them.
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An enduring power of attorney: This lets someone you trust manage your financial, real estate and legal affairs if you lose mental and / or physical capacity.
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A personal directive: This names a trusted person (your “agent”) to make personal decisions on your behalf, including healthcare, if you’re no longer able to make them yourself. If you have children, it also allows you to nominate who will care for them during your time(s) of mental and / or physical incapacity.
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A Goals of Care Designation (GCD): Used in healthcare settings across Alberta, this document outlines the overall goals of your medical treatment, from aggressive life-sustaining intervention to comfort-focused care. It helps healthcare providers and your family understand your wishes when it matters most.
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Beneficiary designations: The names you list on RRSPs, TFSAs, RRIFs, and life insurance policies often flow outside your estate entirely. Keeping them current is just as important as having a will.
What happens if you don’t have a plan?
Without an estate plan, Alberta’s legislation — including, but not limited to, the Wills and Succession Act and the Estate Administration Act — will determine what happens to your assets, and that may not reflect your wishes.
Without an enduring power of attorney, personal directive, or GCD, your loved ones and healthcare providers may be left making difficult decisions without any guidance from you. Your family may face a lengthy and costly adult guardianship and / or adult trusteeship processes (while you’re alive but without capacity).
As well, without a valid Will, your loved ones and family may face a costly and emotional estate administration processes (after you pass away).
You don’t have to figure it out alone
Estate planning doesn’t have to be overwhelming. An estate planning lawyer dedicated to the practice of estate law will walk you through your options in plain language and help you build a plan that fits your life, whether you’re just starting out, raising a family, or thinking about retirement.
The most important step? Just getting started.
Have questions about where to begin? Contact us today since Cairns Law is dedicated to the practice and here to help.