Most people want to leave a legacy for their families. To make sure your last wishes are honored and your heirs are taken care of, you will need a solid estate planning strategy. Our wills and estate lawyers can help.
Our team has helped plan hundreds of estates and has met every financial and family circumstance. We can help you, too.
Does a will have to be probated in Saskatchewan?
In Saskatchewan, wills only go to probate if the deceased owns land or if a financial institution demands the probate. Probate fees come out of the estate’s assets. Estate planning can help reduce or eliminate these fees by using other legal vehicles to pass assets on to heirs.
Probate does have some advantages. For example, it can create proof of an executor’s authority, which they’ll often need while dealing with creditors and beneficiaries alike. It also creates time limits. A claimant will have 6 months to make a claim against the estate if they have an interest in doing so.
What happens if the deceased doesn’t have a will?
The assets of the estate become subject to the Intestate Succession Act. This governs who can get a share of the deceased’s property.
The spouse gets the first $100,000.00. The next ½ of the remainder goes to the spouse and 2/3rds of the remainder goes to your children. If you only had one child they get ½ of the remainder.
If you have neither a spouse nor children the order is as follows: grandchildren, parents, siblings, nephews/nieces, next of kin, creditors, and the administrator.
If you don’t have a will you lose your ability to give any part of your estate to charity. Your assets may also ultimately go to estranged family members. All of your heirs will receive less of an inheritance, as some of that money will pay court fees, as well as the court-appointed personal representative. Finally, property may have to be sold to distribute the estate, which could mean your spouse or children are forced to move off of family land or out of the family home.
Other Estate Planning Vehicles
High-asset individuals tend to have more complex estates and require more sophisticated estate planning tools. We can help by allowing you to set up a series of trusts which can pass property directly to your intended beneficiaries. Life insurance polices are another way that you can pass assets on to heirs.
Estate planning also includes some legal contingencies for your long-term care as you reach old age, such as power of lawyer arrangements.
Of course, a well-written will is still an important cornerstone to any well-planned estate. You’ll need a lawyer who will listen to you, and then help you meet your goals for the end of your life.
Why choose Merchant Law?
You’ll work with responsive, experienced lawyers who care about you and your goals, and who have the skills to make your estate planning process a success. Our lawyers have a long track record of helping people just like you.