Bastion Estate Law is a leading provider of Calgary Estate Planning Services. Most people are familiar with the purpose of a Legal Will. But did you know that thorough estate planning is accomplished by preparing two other very important foundational documents, in addition to your Will?
Often times, people do not take into consideration unfortunate and unforeseen circumstances, such as accidents, sudden traumatic events, or sudden illness that may leave you incapacitated and ultimately unable to convey your final wishes. By planning ahead, you can ensure all of the proper documents are in place. First, we must define what an “estate” is!
People will often consider their “estate” to be comprised of the material assets remaining when they pass away. Legally, your estate is comprised of everything you own prior to your death. Your estate is administered after your passing (by a Personal Representative) until such time as any debts you owed at the time of your death can be paid, and the remaining assets can be distributed to the entitled beneficiaries. When a qualified professional estate planner prepares a comprehensive estate plan, they deal with your estate and your personal wellbeing, both prior to and following, your death.
Estate Planning is a broad term used to describe the process of analyzing an individual’s personal and financial data along with an understanding of their future goals. A qualified professional estate planner will then develop an individually tailored estate plan. The plan will incorporate the appropriate tools and strategies to give legal effect to your wishes.
A properly prepared estate plan rests on a foundation of three primary documents:
These three documents will sufficiently address many estate plans. However, depending on your personal situation, this can expand to include insurance designations, shareholder agreements, and trust indentures, to name but a few.
A qualified professional estate planner will recommend an estate plan that comprehensively addresses your wishes and provides you with the necessary documentation to accomplish your estate related goals.
Having these three critical documents prepared in advance will allow for your final wishes to be followed by the individual or individuals you have chosen. Preparing these documents in advance also helps to alleviate any additional stress on your family members and may prevent unfortunate disagreements that are far too common in the time of crisis.
Some of the important benefits of Estate Planning include:
Learn More about Calgary Estate Planning at Bastion Law
Bastion Estate Law proudly offers timely, dependable and cost-effective legal services in Calgary Wills & Estate, Estate Administration, and Probate Law
We offer fee-based unbiased estate planning advice for the majority of our Calgary Legal Services
as well as a Complimentary Initial Consultation to discuss your specific needs.