Wills & Estates FAQs
It is never too early to begin considering what would happen to your property when you pass on, and to consider what provisions you will make for your loved ones. It’s also a good practice to review your Will periodically to ensure it is still up to date.
Every estate plan starts with asking questions to create a well-written Will that reflects your unique situation. Below are answers to some frequently asked questions our Wills and estates lawyers hear often at Schnell Hardy Jones LLP.
What Is a Testamentary Trust?
A trust is an arrangement where one person (the trustee) is given the authority to hold assets for a beneficiary until certain conditions are satisfied, or until a given amount of time has passed. They are often used to distribute assets or money in instalments over time, rather than in one lump sum.
What Are Reasons Why An Estate May Be Litigated?
There are a few reasons why litigation may unfortunately arise in the context of Wills and estates:
• Lack of Capacity — As above, a person must be of sound mind in order to sign off on his or her Will. Otherwise, the Will may be found to be invalid. In some cases, a person signs a Will under extreme duress or coercion. A person or beneficiary who feels that a Will has either wrongly excluded him or her, or made inadequate provisions, may commence a court action claiming that the Will is invalid due to a lack of capacity.
• Inadequate Provisions for Spouse or Dependants — Again, while testators enjoy considerable freedom to distribute their estates as they please, the law does allow for spouses and dependants to seek alteration of a Will that does not make adequate provisions for them.
• Formal Requirements of Valid Will Not Satisfied — As above, a valid Will must be in writing, signed, and properly witnessed. If these requirements are not met, and a person is dissatisfied with the contents of a Will, or has reason to believe that the testator did not intend for the Will to be enforced, he or she may commence litigation.
Contact Schnell Hard Jones LLP for a Wills & Estates Lawyer
Serving Red Deer, Sylvan Lake and Stettler, our Wills & Estates lawyers can help you take steps to protect your estate. We can help you create a Will that is valid, enforceable, and reflects your wishes. Call us to set up your initial consultation at 1-888-342-7405.