Nobody really wants to think about making a will, let alone imagine themselves dying, but failure to do so can result in major stress and anxiety for those you leave behind. Additionally, there’s no guarantee that your final wishes will be granted, which can be upsetting for everyone involved.
In the event of your death and in the absence of a will in Alberta, the Alberta provincial government will be responsible for deciding who gets what from your estate. Let’s look at the impact dying without a will has on your loved ones in a little more detail:
Dying intestate
If you die and haven’t made a will, this is known as dying intestate. In Alberta, this means that the process of will probate in Alberta will be handled according to the province’s intestacy laws. A personal representative for your estate will be appointed by the court, who will make sure that your financial affairs are closed and any assets you may have are distributed appropriately, i.e., in accordance with local regulations.
In the absence of a will and an executor, someone known to you can apply to the court to represent your estate personally, but the process is often long-winded and stressful.
What about spouses if a person dies intestate?
If you die without a will, your assets may not automatically go to your surviving spouse, potentially leaving them in financial dire straits. It’s also worth noting that legal spouses are treated differently than common-law partners when it comes to inheritance in many parts of Canada. This means a common-law partner might not be considered a spouse for the purposes of distributing your estate, unless they meet specific legal requirements.
The majority of Canadians would much rather leave their money and personal belongings to their spouse, especially if there are young children involved or blended families. But without a will, there’s every chance your estate could be divided between your children (whatever their age) and your spouse.
What about a parent who dies without a will?
Depending on which Canadian province or territory is involved, intestate laws might divide assets automatically between a spouse and the children, meaning that even if you had wanted one child to receive more money than another, this will not happen.
Also, if the children of the deceased are classed as minors, money could be held in trusts until they are of age; money that a spouse could have used during that time and may desperately have needed to.
Lastly, once the deceased’s children are of age, all of the money is given to them in a lump sum, which may be too much for them to deal with responsibly.
How are other beneficiaries affected when someone dies without a will?
Dying without having created an official will means that any money you may have wished to leave to someone close to you or a charity simply won’t happen, in accordance with inheritance laws in Canada. As inflexible as intestate succession rules are, estates will almost always pass to spouses and children, with nobody else even being considered.
Sadly, your beloved pets may also not be cared for by whom you had wished in the event of your death, should you not have made a will outlining their future care.
Does this sound like more of a headache than making a will? That’s because it usually is!
To make sure your wishes are respected and followed in the event of your death, schedule a will consultation with a probate lawyer in Edmonton. They will help you plan your estate and give you recommendations for making the most out of its value, as well as for paying as little tax as possible. And of course, they can help you draw up a will that prevents your loved ones from being forced to deal with unfair intestate rules and regulations.
