TERRY KOERNER-LEPAK

B.A., B. Ed., LL.B

Barrister and Solicitor

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Main Office

50 Piedmont Crescent,

St. Albert, AB  T8N 5E7

Ph:  +1 (780) 455-5553

Fax: +1 (888) 428-0506

 

Estate Planning

Estate Planning
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ESTATE PLANNING:

There are many ways to protect your loved ones for the future.  We can discuss with you the multiple options that you can do personally.   Just to give some examples:

  1. Put some assets in joint names now -- then that item does not go through the estate, it goes directly to the person named as the other joint owner and there is no wait.
  2. List a beneficiary's name on your RRSP or GIC -- then it goes directly to that named person without becoming part of the estate.  The bank can take care of this almost immediately without any court approval.
  3. Inter vivos gifts -- give an item or items to the person now.  If you want Suzy to have your coin collection, there is nothing saying that you have to wait until your are dead to do so.  Obviously, once the gift is given, Suzy can do with it what she chooses.  

 

BUSINESS SUCCESSION PLANNING

What happens when the owner of a business dies?  The company does not cease to exist just because the owner is no longer around.  If incorporated, the company does continue to exist.  Hopefully the deceased has a will in place and designated a person to whom his shares are transferred to. 

Since every family owned business is different, the disposition of shares made be made to another family member, sons or daughters or a third party.  In any event, plans should be made as to what happens to the company upon the owner’s death.

 

 

Estate Planning
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ESTATE APPLICATIONS:  WITHOUT A WILL

Once you have lost a loved one, we will be there to advise you on all the details relating to the administration of the estate.  We will assist in preparing the Surrogate Court application to have you appointed by the Court as the Personal Representative of the Estate and obtain the Grant of Probate.

Although Probate typically takes 4 months, some items can be accessible immediately—such as joint bank accounts.  Assets in joint names do not form part of the estate as the asset immediately goes to the other joint owner.  For example, we can assist in getting the house quickly transferred to the other owner right away.

After the Grant of Administration has been issued, we will be able to advise you on the transferring and realizing the assets of the estate by preparing any and all transfer documents.  We will also help with preparing the appropriate releases for signing by the beneficiaries of the Estate as required upon completion.

You will lastly need to complete the deceased’s last tax return and possibly a T3 Estate return if there was income earned after death.  An accountant can assist with the details of the tax returns, but we can help you through the steps to finish the estate and order the final Clearance Certificate.

Estate Planning
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ENDURING POWER OF ATTORNEY

Financial --- Enduring Power of Attorney is prepared to take care of the financial side of a person’s life should they be still alive but unable to communicate.  For example, if someone has a stroke and can no longer speak or if they are in a coma.  This document becomes critical for the person (attorney) appointed to be able to handle all financial matters on that person’s behalf.  The important point here is that this document, although it may be prepared and signed today, does not take effect until 2 medical professionals have declared the person incompetent to handle their own financial affairs.

Estate Planning
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PERSONAL DIRECTIVE

Medical – Personal Directive is prepared to take care of the medical decisions on behalf of a person should they be unable to communicate.  For example, as above, if someone has a stroke and can no longer speak or if they are in a coma.  This document becomes critical for the person (agent) appointed to be able to make medical decisions on behalf of the person who is unable to speak.  Again, the important point here is that this document, although it may be prepared and signed today, does not take effect until 2 medical professionals have declared the person incompetent to make medical decisions on their own behalf.


Without the above documents, it is a very lengthy and difficult process to get someone appointed.  It can take up to 6 months to get court approval, after criminal background checks and police record checks, before the court will appoint someone, not to mention the legal fees involved.

Estate Planning
Hits: 5745

ESTATE APPLICATIONS:

Once you have lost a loved one, we will be there to advise you on all the details relating to the administration of the estate.  We will assist in preparing the Surrogate Court application to have you appointed by the Court as the Personal Representative of the Estate and obtain the Grant of Probate.

Although Probate typically takes 4 months, some items can be accessible immediately—such as joint bank accounts.  Assets in joint names do not form part of the estate as the asset immediately goes to the other joint owner.  For example, we can assist in getting the house quickly transferred to the other owner right away.

After the Grant of Probate has been issued, we will be able to advise you on the transferring and realizing the assets of the estate by preparing any and all transfer documents.  We will also help with preparing the appropriate releases for signing by the beneficiaries of the Estate as required upon completion.

You will lastly need to complete the deceased’s last tax return and possibly a T3 Estate return if there was income earned after death.  An accountant can assist with the details of the tax returns, but we can help you through the steps to finish the estate and order the final Clearance Certificate.

  1. Wills

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