1. What is a will?
The purpose of writing a will is to pass on your assets to your loved ones according to your wishes. If you die without a will, it’s often more costly, complicated, and time-consuming to settle your estate.
2. What are the different types of wills?
- Formal Will: A formal will is in writing, has your signature; and is signed in the presence of 2 witnesses, who also sign the will in your presence.
- Holograph Will: A holograph will is prepared entirely in your own handwriting and signed by you.
3. What happens if I don't have a will when I die?
If you die without a will, the Wills and Succession Act sets out how and to whom property is transferred when a person dies. The Estate Administration Act lists the persons who will be given preference to apply for a grant of administration where there is no will. The grant will set out who will be the personal representative.
If you have no immediate family and no will, the rules for distributing your estate can be found in the Parentelic Distribution chart at: https://www.alberta.ca/assets/documents/wills-parentelic-distribution-chart.pdf
4. What is a personal representative?
The term personal representative is either an executor or an administrator of the estate of a deceased individual. Generally, a personal representative of a deceased estate is responsible for the administration of the estate, which includes all duties from locating assets, paying debts and funeral costs, to distributing estate property to beneficiaries.
5. What is a personal directive and enduring power of attorney?
- Personal Directive: A legal document that allows you to appoint someone to make decisions for you if, due to illness or injury, you no longer have the capacity to make personal decisions. This is often referred to as no longer having capacity to make decisions.
- Enduring Power of Attorney: A legal document that allows you to appoint someone to make financial and legal decisions on your behalf.
