Navigating the Legalities of Estate Planning in Red Deer and Central Alberta: Insights from Trista Carey
Estate planning is a topic many people avoid, yet it’s a crucial part of ensuring that your assets are distributed according to your wishes. Unfortunately, it’s often left until it’s too late, leading to unintended consequences for your loved ones. This issue is not unique to any specific area but is felt across communities like Red Deer and throughout Central Alberta. For many, the idea of drafting a will or managing estate planning feels daunting. In this episode of Brick x Brick, Roxann Klepper, real estate expert and host of the show, is joined by legal expert Trista Carey, who provides invaluable insights into the importance of having a will, the potential pitfalls of not having one, and the additional documents that should accompany your estate plan.
Trista begins by discussing a personal story that highlights the serious consequences of not having a valid will. In her early career, she worked with a family who faced the emotional and financial challenges of dealing with an intestate estate—where the deceased had not documented their wishes. Despite the deceased father’s verbal statements about who should receive his assets, including classic cars he and his grandson had worked on, his estranged son inherited half the estate due to the lack of a will. This case serves as a stark reminder that without clear instructions documented in a will, your estate will be distributed according to the law, not your personal desires.
Why You Need More Than Just a Will
While a will is a vital component of estate planning, Trista stresses that it’s not the only document people should consider. She explains that every adult should also have a personal directive and an enduring power of attorney. A personal directive designates someone to make personal decisions on your behalf, such as healthcare or living arrangements, should you lose the ability to make decisions for yourself. An enduring power of attorney allows someone to manage your finances if you become incapacitated.
These documents, along with a will, form the foundation of a comprehensive estate plan that will provide peace of mind knowing that your affairs will be handled according to your wishes—even if you are unable to make those decisions yourself.
The Benefits of Estate Planning in Red Deer and Central Alberta
For those living in Red Deer and across Central Alberta, estate planning is just as important as securing real estate. Planning ahead can minimize tax implications, protect assets, and ensure that any beneficiaries, including minor children, are provided for appropriately. Trista notes that, without a will, the court decides who will manage the estate, which could lead to complications—especially if there are minor children involved or if the estate includes assets that could have been handled more efficiently with proper planning.
The importance of appointing guardianship for children and ensuring funds are managed responsibly cannot be overstated. Without these considerations, a public trustee may become involved, potentially leaving minor children with access to their inheritance at a young age—often before they’re capable of managing it responsibly.
Final Thoughts: The Importance of Estate Planning in Central Alberta
As Trista emphasizes, having an estate plan in place gives families peace of mind. Whether you’re in Red Deer or a nearby community in Central Alberta, taking the time to draft a will, establish a personal directive, and set up an enduring power of attorney will alleviate stress for your loved ones in the event of an unexpected crisis.
For those looking to navigate the complexities of estate planning, reach out to a professional who can guide you through the process. Trista Carey of Schnell Hardy Jones brings a wealth of knowledge and experience, helping families avoid common pitfalls and ensuring that their wishes are honored.
Don’t wait for a crisis to make a plan. Take control of your future and ensure your estate is handled according to your wishes.