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Byron Company

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Creating A Comprehensive Estate Plan Is An Act Of Love

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A comprehensive estate plan is as much for those you love as it is for yourself. If you have worked hard and accumulated any assets at all over the course of your life, an estate plan will assure that those assets are passed to your loved ones in the manner you wish. Estate plans are not solely for those with a substantial net worth. Simply put, if you have people in your life whom you love, you should have an estate plan.

At Byron & Company, in Fort McMurray, we help individuals create comprehensive estate plans that reflect their lives and the people they love. Because every estate plan is a reflection of the person it is for, each one is unique. At the very least, however, every estate plan should include these components:

  • A will that provides instructions on how your assets should be distributed upon your death. The person you select to administer your will is known as the executor. We assist executors in estate administration.
  • A power of attorney gives a person whom you select the authority to manage your financial and other personal matters such as paying bills and filing taxes if you become incapacitated. The person you select to have power of attorney is known as your agent.
  • A personal directive or "living will" (also referred to as health care power of attorney) provides someone whom you trust the authority to make decisions regarding medical care and life-sustaining measures that should be taken if you are unable to make those decisions for yourself.

Your Estate Plan May Have Multiple Components

Those are merely the essential components of every estate plan. Your estate plan may also include any of a number of types of trusts that accomplish specific objectives, such as avoiding probate, minimizing taxes for high-asset individuals, postponing when an heir inherits assets you are leaving to them, funding charitable contributions in your name, and much more.

If you own a business or have a share in a professional partnership, your estate plan should make your wishes regarding succession planning clear. An overriding objective of any estate plan is to be specific enough to eliminate any questions about your wishes to prevent disputes between survivors.

An Estate Plan Must Be Updated For Life Changes

An estate plan is not a legal document that you can set once and forget about. Life changes such as divorce, remarriage, the birth of grandchildren and the death of family members or other heirs require a regular review of an existing estate plan to ensure it still achieves your objectives. It is important to work with an experienced estate planning lawyer who pays careful attention to details.

We welcome the opportunity to assist you in creating an estate plan or updating an existing one. Call 780-715-1002 or use our online contact form to schedule a meeting.

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Serving Fort McMurray And Surrounding Communities
10011 Fraser Ave.
Fort McMurray, AB T9H 2C8

Phone: 780-715-1002
Fax: 780-715-1099
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