Posts tagged Estates

Laws are pervasive and complicated. Everyday each of us has an encounter with some aspect of the law: “rules of the road”, family matters, children, schools. Even paying our taxes requires at least a rudimentary knowledge of the law. Most can navigate these everyday experiences with the law. There are times, however, when knowing what laws apply to a situation and then deciding what action to take become critical. That’s where seeking the knowledge and expertise of lawyers becomes essential.

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If my estate is not big enough to cover my debts, will my beneficiaries be responsible for paying these debts?

Many parents in their senior years feel morally obligated to leave something to their children or grandchildren. However, adult children might see it differently, watching from the sidelines as a parent goes on another vacation, spends another night at the casino, purchases another new vehicle. What if they leave me with nothing? Worse, what if they leave me with debt?

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What Compensation should I give in my Will to my personal representative? Is the compensation I give to a personal representative taxable income for him or her?

In Alberta, there is no set amount of compensation or remuneration that must be given to a personal representative or personal representatives to administer an estate after death. In most situations, a personal representative can expect to be reimbursed for any reasonable out-of-pocket expenses, including mileage, associated with administering the estate. 

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