LawDB.ca
Estate planning is not just a will. In Alberta, three separate documents cover death, financial incapacity and health decisions, and a plan is incomplete without all three.
A will
A will names an executor to deal with your estate and says who receives your property. Alberta’s Wills and Succession Act sets the formal requirements and also fills gaps if there is no will. Without one, intestacy rules decide who inherits, which may not match your wishes.
Remember that some assets pass outside a will, such as jointly held property and accounts or policies with a named beneficiary.
Enduring power of attorney
An enduring power of attorney lets someone you trust manage your finances if you lose capacity. It can take effect immediately or only on incapacity. Without it, your family may have to apply to court for trusteeship, which takes time and money.
Choose an attorney carefully and consider whether you want safeguards, such as reporting to a family member.
A personal directive
A personal directive covers non-financial decisions, such as health care and living arrangements, and names an agent to make them if you cannot. It can also record your wishes. Review all three documents after major life changes such as marriage, divorce, a new child or a move.
Estate planning checklist
- List assets and how each is held or designated.
- Choose an executor, an attorney and an agent, and a back-up for each.
- Check beneficiary designations on insurance and registered accounts.
- Review everything after a major life change.