AREAS OF PRACTICE
ESTATE PLANNING
WILLS
A Will is a document that has two functions. It names someone to act as your legal representative (called an Executor) to act on your behalf once you have passed away. Your Executor handles things like your final tax return, applying for a Grant of Probate if necessary, and ensuring all of your bills are paid. Your Will also gives away your property to the people or organizations you wish to benefit. If you do not have a Will, the law says where your property goes and who may apply to be your legal representative. This may not reflect what your wishes are. It is important to keep your will up to date as laws change as well as personal and financial circumstances. Reviewing your Will especially after major life events such as marriage, divorce, children etc., is important to ensure it reflects your wishes.
ENDURING POWER OF ATTORNEY
An Enduring Power of Attorney is a document that names someone (called your Attorney) to handle your financial affairs in the event that you are not able to handle them, or in the event that you no longer want to handle your financial matters. If you do not have an Enduring Power of Attorney and you are no longer able to handle your affairs, your family will need to apply for a trusteeship order to handle your finances.
PERSONAL DIRECTIVE
A Personal Directive is a document that names someone (called your Agent) to make health care decisions on your behalf in the event you are not able to make decisions yourself. If you do not name an Agent, your doctors will follow any document you have signed what you wish for care, but will want someone to make decisions if you cannot make them. This can mean doctors talking to family members you don't want involved, or having to get a court order for guardianship before decisions can be made, such as withdrawing care.
Estate Administration
JOINT ASSETS
When your spouse passes away, even if all your property is joint, there are still some administrative tasks to deal with to wrap up their estate. This can include updating land titles and filing taxes, as well as communicating with banks.
GRANT OF PROBATE
A Grant of Probate is a court order that confirms the terms of your will. Your executor applies for the Grant after your death. As part of the process, all of the beneficiaries of your estate are given notice about their gifts, and the court is given information about you, your family, and anyone that might have a claim against your estate. You will require a Grant of Probate to transfer property at land titles, and often to distribute assets held in bank accounts.
GRANT OF ADMINISTRATION
If you die without a will, someone in your family will need to apply for a Grant of Administration to deal with your estate. The law says where your property is distributed if you don’t have a will. The law also identifies individuals who can apply to be appointed administrator.
REAL ESATE
BUYING OR SELLING
Whether you are buying or selling a house, you need a lawyer who can handle the money and paperwork for the transaction on your behalf. When you are selling, your lawyer will ensure that all of the encumbrances – like a mortgage – that you have promised to clear from your title will be paid out on your behalf. When you are purchasing, your lawyer ensures that you have signed the documents your lender requires (so you will get your mortgage money to complete the purchase) and also ensures that the property will be registered in your name. Right now Alberta Land Titles is behind on registrations, so your lawyer will ensure you are protected while you wait for documents to be registered that will officially transfer the title.
REFINANCING
Some banks and lenders will complete refinances in house. However, sometimes they will require a lawyer be involved to ensure that the previous lender is properly paid out, and the new lender gets priority on title. You may find yourself in a situation where you need to refinance due to a change of ownership such as a separation, where one person is buying out the other person, or removing their name from title, or where a parent initially co-signed and now can be removed from title.
COMMERCIAL
Our office has experience with agricultural lenders, including FCC and AFSC. We are happy to assist you with larger refinances or agricultural land purchases. We can also assist you if you are purchasing commercial property for a business. We carry insurance that allows us to complete refinances and mortgages up to Ten Million Dollars.
CORPORATE LAW
INCORPORATIONS
Incorporating a business is often a decision between you and your accountant, or sometimes, you and your employer. Setting up your business correctly from the beginning saves time and cost down the road, and allows you to benefit from the tax structure of a corporation. Not all businesses require incorporation, so often we will want to understand your circumstances before we set up a corporation for you.
CHANGE OF OWNERSHIP
Whether you are buying or selling, having a lawyer involved in the change of ownership of a business protects you throughout the transaction. Involving a lawyer early, through the offer drafting stage, can ensure that you are considering all aspects of the transaction, including lease assignments, obligations to employees, and what guarantees the parties need to give to each other. Usually you will want your own lawyer acting for you when you buy or sell a business, so that they will protect your interests in the transaction.
SUCCESSION PLANNING
When a business – like a family farm – has been in operation for a long time, it can be an emotional time to think about passing it down to the next generation. But working hand in hand with your accountant and your lawyer can ensure that the business continues to thrive, even when new parties step into a management role. Succession planning works best when there is time to plan out a series of transactions that will transition the business over to new ownership, and when everyone involved is aware of the tax implications, legal implications, and personal implications to everyone involved.