Many believe that an individual’s assets are transferred to the government if they die without a will. While this can be true for some, it differs for those with at least one living relative, which may include a spouse, child, or even a long-lost second cousin that disappeared years ago.

What happens to my assets if I die without a will?

In Alberta, there is a set of guidelines which determine who has first right to receive your assets. Preference is given to a spouse or adult interdependent partner (AIP), but distributions can quickly get complicated when there are children from previous relationships or if the deceased had a spouse and an AIP.

Why Should I Get a Will?

Establishing a Last Will and Testament not only outlines who will receive our estate, but it allows us to choose executors, decide how and when assets are distributed, appoint guardians for minor children, and take advantage of tax saving opportunities. It is simple to do, cost effective, and can prevent a myriad of issues from developing, including those we’ve outlined in The Pros and Cons of Dying Without a Will. There is no better way to protect your family and your assets.

Guardian Estate Company provides independent estate planning and is Canada’s first brokerage for estate settlement solutions. Contact us to learn more.

The above is for informational purposes only. It is not intended to be legal or financial advice. We accept no liability for any losses arising from use of the above information. We recommend you speak to your lawyer to obtain specific advice or guidance regarding your unique situation.