When Is the Right Time to Get a Will in Alberta?
Many people believe that wills are only necessary later in life or after retirement. In reality, a will is one of the most important legal documents an adult can have, regardless of age. Whether you are purchasing your first home, starting a family, building a business, or planning for retirement, a properly drafted will can provide certainty and peace of mind for you and your loved ones.
In Alberta, a will allows you to decide how your assets will be distributed after your death, who will administer your estate, and, in some cases, who will care for your minor children. Without a valid will, these decisions may be made according to Alberta law rather than your personal wishes.
What Is a Will?
A will is a legal document that sets out your instructions regarding the distribution of your estate after your death. It can address matters such as:
Who will inherit your assets;
Who will act as your executor (also known as a personal representative);
How debts and taxes should be paid;
Who will care for your minor children; and
How specific gifts or charitable donations should be handled.
A properly drafted will can help minimize confusion, reduce the likelihood of disputes, and simplify the administration of your estate.
When Should You Get a Will?
The short answer is simple: as soon as you have responsibilities, assets, or people who depend on you.
While every situation is unique, there are several life events that should prompt you to consider creating a will.
You Have Turned 18
Once you become an adult, you can legally make a will. Even if you have limited assets, a will ensures your wishes are documented and can help avoid unnecessary complications for your family.
You Have Purchased a Home
For many Albertans, a home is their largest asset. A will can help ensure that your property passes to the intended beneficiaries and can assist your executor in managing the transfer of ownership.
You Are Married or in a Common-Law Relationship
Marriage or entering into a long-term relationship often changes your estate planning goals. A will can help ensure that your spouse or partner is properly provided for and that your wishes are clearly documented.
You Have Children
If you have minor children, a will becomes particularly important. One of the most significant functions of a will is the ability to nominate a guardian for your children should both parents pass away.
Without a will, the court may ultimately determine who will care for your children.
You Own a Business
Business owners often have additional estate planning considerations. A will can work alongside shareholder agreements and succession plans to facilitate a smooth transition of business interests and minimize disruption.
You Have Significant Assets or Investments
As your financial situation grows, so does the importance of having a comprehensive estate plan. A will can help ensure that investments, real estate, and other assets are distributed efficiently and according to your wishes.
What Happens If You Die Without a Will?
Dying without a valid will is known as dying intestate.
When this occurs, Alberta’s intestacy legislation determines how your estate will be distributed. The court may also need to appoint an administrator to manage the estate.
This can lead to:
Delays in administering the estate;
Additional legal costs;
Increased stress for family members;
Potential disputes among beneficiaries; and
Outcomes that may not reflect your wishes.
While Alberta law provides a framework for distributing estates, it cannot account for your unique family dynamics, personal relationships, or charitable intentions.
How Often Should You Update Your Will?
Creating a will is not a one-time task. Your will should be reviewed periodically and whenever significant life events occur, such as:
Marriage or divorce;
The birth or adoption of a child;
Purchasing or selling significant assets;
Starting or selling a business;
The death of a beneficiary or executor; or
Major changes in your financial circumstances.
As a general guideline, reviewing your estate plan every three to five years can help ensure it continues to reflect your current wishes.
A Will Is Only One Part of an Estate Plan
A comprehensive estate plan often includes more than just a will.
Many Albertans also benefit from preparing:
An Enduring Power of Attorney, which allows someone to manage financial affairs if you become incapable; and
A Personal Directive, which allows someone to make personal and healthcare decisions on your behalf if you lose capacity.
Together, these documents help protect you during your lifetime and provide clear instructions after your death.
Final Thoughts
There is rarely a “perfect” time to create a will. For most adults, the best time is before it becomes urgently necessary.
If you own property, have children, are married or in a common-law relationship, operate a business, or simply want peace of mind knowing your affairs are in order, now may be the right time to put a will in place.
Estate planning is ultimately about protecting the people you care about and ensuring that your wishes are respected when you can no longer communicate them yourself.
Contact Summit Point Law
At Summit Point Law, we assist individuals and families throughout Alberta with wills, enduring powers of attorney, personal directives, and comprehensive estate planning.
If you are considering preparing your first will or updating an existing estate plan, contact us to discuss how we can help you protect your family and your legacy.