Many people have a basic understanding of how wills and estates work. Depictions in media and fiction can play a big role in shaping these ideas. However, the process is often much more nuanced and complex, which is why working with a will lawyer is often a good idea.

There comes a time when considering a will becomes necessary for everyone and when that time comes, it is important to have a clear understanding that is free of misconceptions. Here are a few of the important aspects to know as you consider working with wills and estate lawyers in Edmonton.

Myth: Only the rich need to use wills.

Wills are a useful legal tool for many people, not just those with substantial wealth. Even individuals without a significant net worth or assets can benefit from a will. Having a will means the chance to:

• Distribute your assets according to your wishes;
• Provide for your family members according to need;
• Express specific funeral instructions and wishes; and
• Create a simpler process for your family after your death.

Without a will, you are allowing the legislation in Alberta to dictate how and to whom your estate will be distributed upon your death. You are also opening your estate up to potential litigation and complexities for your family members if you die without a will.

Myth: Wills are only important for seniors.

Avoid the trap of thinking that making a will is only necessary near the end of one’s life or at an advanced age. Adults of practically any age can benefit from the peace of mind that having a will brings. There’s no predicting the future, either. Making a will now ensures your loved ones and family won’t have to navigate a more complicated process in the event of something unexpected.

Myth: I don’t need a will if I’m married.

Some spouses believe their marriage alone provides a quick and easy way to close out an estate if their partner dies. A spouse who dies intestate (without a will) can leave behind a complicated situation for the family. You may not receive the total value of the estate and its assets without a will. Even married couples should plan to have wills in place, especially in families with children. This becomes even more important for blended families. Dying intestate does not ensure a distribution according to your wishes, especially if you have stepchildren or children from a previous relationship.

Myth: Having a will lets you bypass probate.

While having a will does simplify things, it does not guarantee that you will be able to bypass the probate process with the courts. Probate is necessary for large estates, but even smaller estates may need to proceed through probate. For example, If the deceased owned real property, such as a house, it would trigger the probate process. Different banks have their own requirement for probate as well. Some banks require probate to be completed if the deceased had more than $10,000 in the bank.

Myth: Wills lead to lower taxes.

Having a will, on its own, does not usually impact the tax burden faced by an estate. Wills concern the distribution of your assets and any other final wishes you may wish to express. Those elements don’t generally influence tax structures Ensuring that your tax goals are met requires specific estate planning and expertise. When managing taxes and protecting wealth are important goals, working with an experienced tax and estate planning lawyer is necessary.

Myth: It’s complicated to set up a will

The law surrounding wills and estates is dense and multi-layered. It covers a considerable number of potential situations and various structures. From the outside, that can make it seem like making a will is hard. On the contrary, working with friendly, experienced wills and estates lawyers can make the process accessible and straightforward.

Learn More About Important Estate Planning Decisions

Having a will offers peace of mind today and a structure for the future. When you want to take the next steps toward preparing your estate, speak to a wills and estates lawyer at Lypkie Henderson. Our team is ready to provide friendly and insightful advice today. Contact us now to take the next steps.