Estate planning or stating when and to whom you wish to allocate your assets in the event of your death is one of the crucial aspects of financial planning for your life. Will, trust, power of attorney. are all different facets of estate planning. Your assets, including your real estate properties, your investments, and your jewelry, are highly valuable and will be passed on to someone else after your demise. And, you do not want these assets to go into the wrong hands. Hence, it is recommended to work with an estate planning attorney in Edmonton. However, to save some dollars, many people fail to hire an attorney in Edmonton. Doing so can lead to costly mistakes. Today, we give you some reasons why you should hire an attorney for estate planning:
Complex Provincial Laws
Provincial laws govern what goes and what does not into your estate planning documents. Right from who can be your personal representative to who can be your witness and in what conditions the witness must sign the documents is all governed by the provincial laws. These laws can be really complex for a commoner to understand. To not take any chance with these important documents, it is best to hire an experienced estate planning attorney.
Self Planning Can be Risky
Many attorneys in Edmonton are faced with a common question – Can’t I write my will on my own? Of course, the internet and social media empower people with information and make many tasks easier. And, for estate planning, there are many DIY tools available on the internet. But, they may not be apt for all situations. These do-it-yourself forms only handle simple aspects of estate planning, and are unable to address an individual’s unique circumstances, may not take changes in the laws into account, and are costly if you make errors. Since lawyers are abreast with the current laws and have the experience of handling unique circumstances, they are the ideal experts to work with on estate planning.
Address Complicated Matters
Many people have complicated lives. Complexities in drafting estate planning documents can occur if you have had more than one marriage, a disabled loved one, minor children or no children, divorce, multiple assets in different provinces or if you want to bequeath some or all of your assets to charity. While these were some, there might be many other complications specific to individual cases. Without knowledge and experience in the field, it is difficult to handle these matters while estate planning. An attorney can guide you and help you sort them out when writing a will, trust, or a power of attorney. Plus, they can also acquaint you with situations and laws you didn’t expect or were not aware of. This helps you account for every possibility in your estate planning documents.
If you need help with estate planning, get in touch with our attorney in Edmonton at Prowse Barrette (Previously Prowse Chowne).