8 Common Mistakes While Making A Will In Edmonton

A will is a legal document that expresses your wishes about how your property and assets should be distributed after your death. It can also name a guardian for your minor children, appoint an executor for your estate, and provide instructions for your funeral and burial.

Making a will is one of the most important things you can do to protect your loved ones, to ensure that your legacy is respected and that your wishes are followed. However, many people make mistakes while writing their will that can cause problems and disputes for their heirs. 

This is the reason why people are always encouraged to consult with and hire wills and estate lawyers to handle such technical procedures. 

Here are eight common mistakes that you should avoid while making a will in Edmonton.

1. Not Making A Will At All

The biggest mistake you can make is not making a will at all. If you die without a will, your estate will be distributed according to the intestacy laws of Alberta, which may not reflect your wishes or the needs of your family. 

For example, if you have a common-law partner, they may not inherit anything from your estate unless you have a cohabitation agreement or a joint tenancy. If you have children from a previous relationship, they may not receive the same share as your children from your current relationship. 

To avoid this situation, you should make a will as soon as possible, especially if you have dependents, significant assets, or complex family situations. You should be careful to follow the legal requirements for making a valid and formal will in Alberta, such as signing it in front of two witnesses who are not beneficiaries or spouses of beneficiaries.

2. Not Updating Your Will

Another common mistake is not updating your will when your circumstances change. For example, if you get married, divorced, separated, or have children, you should review and revise your will accordingly. Otherwise, your will may not reflect your current wishes or the needs of your family. 

For instance, if you get married, your previous will may be revoked unless it was made in contemplation of marriage. If you get divorced, your former spouse may be treated as if they predeceased you unless you specify otherwise. If you have children, you should name a guardian for them and provide for their support and education.

You should also update your will if your assets or liabilities change or if you want to add or remove beneficiaries or executors. You should review your will at least every five years or whenever there is a significant change in your life.

Also Read: The Legal Implications Of Joint Property Ownership In Canada

3. Not Choosing The Right Executor

The executor is the person who is responsible for administering your estate, following the instructions in your will, and distributing your assets to your beneficiaries. Choosing the right executor is crucial, as they will have a lot of duties and responsibilities, such as:

• Applying for probate, if necessary
• Locating and securing your assets
• Paying your debts, taxes, and expenses
• Filing your final tax return
• Preparing an inventory and accounting of your estate
• Communicating with your beneficiaries and creditors
• Resolving any disputes or claims
• Distributing your assets according to your will

4. Not Providing Enough Details

Another mistake that can cause problems for your estate is not providing enough details in your will. For example, if you do not clearly identify your beneficiaries, your assets, or your specific wishes, your will may be ambiguous, incomplete, or inconsistent. This can lead to confusion, delays, or disputes among your heirs or even challenge your will in court.

To avoid this, you should provide as much detail as possible in your will, such as:

• Full names and addresses of your beneficiaries and executors
• Descriptions and locations of your assets and liabilities
• Specific amounts or percentages of your estate that you want to leave to each beneficiary
• Contingency plans, in case a beneficiary or an executor predeceases you or renounces their inheritance
• Special instructions, such as how to deal with your digital assets, your pets, or your personal belongings
• Reasons for your decisions, especially if you want to exclude or favor someone or if you have a blended family

You should also use clear and simple language and avoid any contradictions or errors in your will. Drafting a will that complies with the law and uses suitable language becomes easy when you rely on professional wills and estates lawyers in Edmonton. 

5. Not Considering The Tax Implications

Another mistake that can affect your estate is not considering the tax implications of your will. When you die, your estate may have to pay various taxes, such as:

• Income tax on your final tax return, which includes any income or capital gains that you earned or realized in the year of your death
• Income tax on your estate, which includes any income or capital gains that your estate earns or realizes while it is being administered
• Probate fees, which are based on the value of your estate that passes through probate
• Land transfer tax, which may apply if your estate transfers real property to your beneficiaries

6. Not Protecting Your Beneficiaries

Another mistake that can harm your beneficiaries is not protecting them from potential risks or challenges. For example, if you leave a large or lump sum inheritance to a minor, a person with a disability, or a person who is not financially savvy, you may expose them to:

• Mismanagement or loss of their inheritance
• Exploitation or abuse by others
• Loss of government benefits or subsidies
• Claims by creditors or family members

To protect your beneficiaries, you should consider using trusts, which are legal arrangements that allow you to transfer your assets to a trustee, who will manage and distribute them according to your instructions. Trusts can provide various benefits, such as:

• Control over how and when your beneficiaries receive their inheritance
• Protection from creditors, predators, or family disputes
• Preservation of government benefits or subsidies
• Tax savings or deferral

7. Not Seeking Professional Advice

A common mistake that can jeopardize your estate is not seeking professional advice when making your will. While you can make a will yourself using a will kit or an online service, you may not be aware of the legal requirements, implications, or consequences of your will. 

You may also make errors or omissions that can invalidate your will or cause problems for your estate.

8. Not Communicating Your Wishes

The final mistake that can cause trouble for your estate is not communicating your wishes to your family and friends. If you do not tell your loved ones about your will or the reasons behind your decisions, you may create confusion, resentment, or conflict among them. 

They may also not know where to find your will or who to contact in case of your death.

About Us

At Nexus Legal, we are more than just a law firm. We are your trusted partners in wills and estate law. Whether you need help with making a will, updating your will, choosing an executor, or planning your estate for your business, we have the expertise and experience to guide you through the process. We offer open communication and tailored solutions to meet your specific needs and goals. 

Contact us today to find out how we can help you secure your future and your legacy.