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Estate planning in Calgary is the act of arranging and anticipating, through the individual's life, for the proper management and disposition of the estate of the individual, if the individual becomes mentally incapacitated and after his death. It is also referred to as estate planning. There are several points of view on what is estate planning and what it really means.
Many people believe that the only point of view on what is estate planning in Calgary is the tax issue. In order to save on estate taxes, they hire a financial planner and plan the assets and financial investments so that they can defer the taxes. However, there is a much broader point of view on what is estate planning, which is that it is the responsibly of the heirs to manage and maintain the estate after the death of the primary owner, while relieving their parents, spouse and children of the financial burdens brought about by the plan. The first point of view is that the trust must contain beneficiaries. This means that each beneficiary should be designated in the will or testament. This way, if one or more of the specified beneficiaries become incapacitated or pass away before making the final distribution of the estate, the court can determine who gets what and then go through the legal process of distributing the remaining assets to the specified beneficiaries. Some people believe that this is a necessary step because if they have appointed trustees, they cannot distribute without the court's written order. A good attorney can help you decide this and make sure that your wishes are carried out. Another point of view is that what is Estate planning in Calgary must include avoiding probate. Probate is a tedious and difficult process that takes many months and sometimes requires the intervention of the jury. It also costs a lot of money and requires expert witnesses and other types of assistance. It can even prolong the time needed to receive your inheritance. Some people believe that by making use of strategies and planning strategies, they can make it so the assets distributed to heirs will not have to go through the probate process. While avoiding probate is important, it is not as crucial as people believe. There are many people who believe that wills cannot be changed after they have been executed. They feel that they cannot add or delete anything in the will since these things are privileged information. However, wills are only privileged information; the courts grant some exemptions to some of the requirements of the wills. This is why wills today can take various forms and allow many people to make adjustments to them once they become incapacitated or pass away. Another question that commonly arises is what happens to an executor if the deceased has already been cremated and the remains are handed over to the decedent's family? In many cases, the executor will continue to pay taxes on the deceased's estate, since the state will recognize his or her deed as being for the benefit of the decedent's survivors. Many states also require that any outstanding taxes on the estate to be paid off by the executor before distribution. If you have questions about what is Estate planning in Calgary, be sure to contact a qualified attorney. An attorney can answer any questions that you may have and ensure that your needs are met throughout the distribution process.
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