The Ultimate Checklist for Estate Planning in Calgary

The Ultimate Checklist for Estate Planning in Calgary

Ensuring your affairs are in order is key to securing your legacy and caring for your family after your death. Starting with a solid estate planning checklist is the first step toward that peace of mind.

In this comprehensive checklist for estate planning in Calgary, we will guide you through all the essential steps of this process. Regardless of age, marital status or life stage, establishing an estate plan is crucial to guaranteeing your assets are distributed as you wish upon passing.

What Is Estate Planning?

Estate planning involves arranging to distribute your assets and belongings after you pass away. It typically includes creating a will to specify how you want your property distributed, appointing guardians for minor children and establishing trusts to manage beneficiary assets. 

In addition, estate planning often involves minimizing taxes and ensuring that your wishes regarding medical care and end-of-life decisions are known and respected. It’s a way to ensure that your affairs are handled according to your wishes and that your loved ones are provided for after you’re gone.

Who Can Help You with Your Calgary Estate Planning Checklist?

Lawyers specializing in estate planning can help you draft legal documents such as wills and personal directives. They can also advise on estate tax planning and ensure your documents comply with Alberta’s laws.

A Calgary estate planning lawyer provides personalized advice based on your unique circumstances, goals, and family dynamics. They help you design an estate plan that reflects your wishes and addresses potential challenges or concerns, such as minimizing taxes, protecting assets and providing for minor children or vulnerable beneficiaries.

Moreover, estate planning is not a one-time event; it requires periodic review and updates to accommodate changes in your life circumstances, family dynamics and laws. Therefore, an estate planning lawyer provides ongoing support and guidance, helping you keep your estate plan up-to-date and relevant to your current situation.

Your Calgary Estate Planning Checklist 

Creating an estate planning checklist for Calgary involves considering factors specific to your situation and location. Here’s a general checklist to get you started:

  1. Will: Draft a legally valid will that specifies how you want your assets to be distributed after your death. Remember to appoint an executor to carry out your wishes.
  2. Personal Directive: Create a personal directive (also known as a living will) to outline your wishes regarding medical treatment and end-of-life care if you cannot communicate your desires.
  3. Beneficiary Designations: Review and update beneficiary designations on your life insurance policies, retirement accounts and other assets to ensure they align with your wishes.
  4. Guardianship: If you have minor children, designate guardians to care for them in the event of your death.
  5. Trusts: Consider setting up trusts to manage and distribute assets to beneficiaries according to your wishes, especially if you have complex family dynamics or beneficiaries with special needs.
  6. Digital Assets: Create a plan for your digital assets, including passwords, social media accounts and online financial accounts. Decide who will access these accounts and how they should be managed after your death.
  7. Funeral and Burial Wishes: Document your preferences for your funeral arrangements, burial or cremation and any other specific requests regarding your final arrangements.
  8. Review and Update Regularly: Review your estate plan periodically, especially after major life events such as marriage, divorce, birth of children or significant changes in your financial situation.

Get Started on Your Calgary Estate Planning Checklist 

At One80 Law Group, our proficient legal team is here to guide you through the intricate estate administration process. We’ll assist in determining your family circumstances, identifying your desired beneficiaries, outlining your healthcare preferences and articulating your wishes concerning your belongings and property.

Complete our contact form to schedule a consultation.