Succession planning is a crucial consideration for any small business owner. It ensures the continuity and sustainability of the business in the face of unforeseen events such as illness, retirement, or even death. For small business owners, the need for a well-thought-out succession plan as part of their estate planning is important. Without a clear plan in place, the sudden absence of the owner can lead to instability, disruption in operations, and even the risk of business closure. Understanding the importance of succession planning is the first step towards protecting the legacy of your bu ..read more

Choosing who will execute a will is an important decision with far-reaching implications. In some cases, individuals choose to have co-executors to divide the responsibilities and workload. However, having two executors for your will has certain advantages and disadvantages. Let’s take a closer look at the pros and cons of having co-executors so that you can make informed decisions when it comes to your estate planning: The Roles and Responsibilities of Executors Executors shoulder the responsibility of managing a deceased individual’s estate. Their duties include a wide range of estate-relate ..read more

In Alberta, preparing for inheritance involves a series of crucial steps. This ensures a smooth transition of assets and minimizes potential conflicts among beneficiaries. Whether you’re considering early inheritance, exploring disbursement options, or seeking professional advice, understanding the intricacies of the process is essential. Let’s take a look at the key aspects of inheritance planning in Alberta and the options available to you: Preparing to Share an Inheritance Inheritance planning requires careful preparation to ensure a smooth transition of assets and minimize potential confli ..read more

One of the most significant decisions you can make in your estate planning is leaving gifts in your will.  This thoughtful act can bring comfort and financial security to your loved ones, favorite charities, or other beneficiaries after you’ve passed away. However, it’s essential to understand the nuances and potential complications of gift-giving in wills. If you’re not sure how to approach the idea of including gifts in your will, Heritage Law is here to help you explore the various aspects of gifts in wills and estates. Let’s take a look at what you can leave behind, along with the pro ..read more

Choosing a power of attorney is a crucial healthcare decision that should not be taken lightly. Power of attorney is an integral part of estate planning, ensuring that your healthcare and financial matters are managed according to your wishes when you are unable to do so yourself. Understanding the types of power of attorney, the responsibilities, and the characteristics to look for in a potential candidate is essential. If you’re not sure how to choose a power of attorney in Alberta, Heritage Law is here to guide you through the process of selecting the right power of attorney and help you ma ..read more

In Alberta, trusts have long been an essential tool when planning your estate and are a powerful strategy to secure your family’s financial future and safeguard your assets and legacy. At Heritage Law, we understand that estate planning can be a complicated process, but we are here to guide you through the fundamental aspects of trust planning and answer common questions about setting up a trust. How Much Money Should Go Into a Trust? One of the first questions you may have about setting up a trust is how much money should be placed in it. The answer to this question largely depends on your sp ..read more

As a parent, we know that you don’t want to think about not being there to take care of your children. While we all hope that we will be able to raise our children to adulthood, it’s important to have a plan in place in case something unexpected happens. One of the most crucial decisions you will make as a parent is choosing a guardian for your children. At Heritage Law, we are here to help you make the plans you need to ensure your children are protected and taken care of. Let’s look at how to choose a guardian for your children, including their responsibilities, how many guardians you can se ..read more

Sometimes couples want to hire the same lawyer for an amicable divorce or for drafting their wills. But is this a good idea? Perhaps hiring the same lawyer can save time and money, but in many family law situations, one lawyer cannot fairly represent both partners due to conflicts of interest. At Heritage Law, our lawyers have a responsibility to pursue our client’s best interests and an ethical duty to avoid conflicts of interest. There are situations where sharing a lawyer is helpful and others where it is not. Let’s take a look at when you should and shouldn’t use the same lawyer as your pa ..read more

There’s no magic age at which a person should start planning their estate, but many people believe this isn’t something they need to worry about until they are older. The truth is that the unthinkable can happen at any age, and without a proper estate plan, how can you ensure your loved ones are taken care of according to your wishes? The short answer to the question, “Who should start estate planning and when?” is: You and now! To demystify the process of creating an estate plan, Heritage Law is here to walk you through what an estate plan is, what it includes, and when you should get started ..read more

When it comes to estate planning, getting everything in order involves more than simply writing a will. And though it is an unpleasant topic to think about, it is extremely difficult to settle an estate without necessary planning. Organizing your estate plan is one of the most valuable things you can do for your family and loved ones to avoid complications and ensure that your final wishes are carried out. In order to ensure that your estate plan is properly prepared, here are important steps you should take to ensure a smooth process: What is Estate Planning? Estate planning is a process that ..read more