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Estate planning is one of those tasks many mean to do. Few begin early. Time passes. Changes happen. Having a proper estate plan in 2026 matters more than ever. At Forum Estates LLP, based in Edmonton, we help Canadians set estate plans that work.
This checklist will guide you through what you need. It will help protect your family. It will help your assets. It follows Alberta law when relevant. Let’s get started.
Why You Need an Estate Plan
Estate planning is more than writing a will. It ensures your wishes are followed. It provides direction if you cannot act. It helps reduce stress for your loved ones. It can save costs. It can also prevent unwanted legal fights. As laws, taxes and personal circumstances change, plans must adapt.
In Alberta, best practice includes having a will, an enduring power of attorney, and a personal directive. Everyone aged 18 or older should have these. Without them, the Wills and Succession Act decides what happens. (alberta.ca)
Key Documents and Legal Tools
Below are documents you should think about.
- Will
Specify how your assets will be distributed.
Name a personal representative (executor) to carry out your wishes.
If you have children under 18, name legal guardians.
Include alternates in case primary choices cannot act.
- Enduring Power of Attorney (for property / financial affairs)
Allows someone you trust to manage finances if you are unableAllows someone you trust to manage finances if you are unable.
In Alberta this must comply with law so that your agent has clear authority.
- Personal Directive (sometimes called advance care planning)
Covers health, personal care, housing decisions if you lose capacity.
Lets you name a decision maker for personal and medical matters.
- Trusts, if applicable
For special needs dependents.
To hold assets for minors or beneficiaries who need assistance.
For business interests or complex estates.
- Beneficiary designations
Insurance policies.
Registered savings plans (RRSP, TFSA, etc.).
Pension or death benefits.
These often bypass the estate. They are powerful but sometimes overlooked.
Asset and Liability Inventory
You cannot plan well if you do not know what you have and what you owe.
- Make a complete list of assets: real estate, bank accounts, investments, business interests, vehicles, digital assets.
- Note location of property: inside Alberta, in other provinces or abroad.
- Gather documentation: deeds, titles, account statements.
- Estimate values. Get appraisals if needed.
- List liabilities: mortgages, loans, credit card debt, guarantees, business debts.
Executors, Agents, Guardians: Who to Choose
These roles are important. They affect how smoothly things go.
Executor or personal representative for your estate. Choose someone trustworthy. Someone who lives nearby helps. Check if they are willing.
Alternate executor(s) in case the primary cannot act.
Attorney for financial / property matters under your power of attorney.
Personal directive agent for personal care / health decisions.
Legal guardian(s) for minor children. Pick someone you trust. Someone who can handle responsibility.
Backup guardian(s) in case your primary guardian(s) cannot serve.
Review Legal Requirements Under Alberta Law
Knowing what the law requires ensures your documents are valid.
You must be at least 18.
You must have legal capacity. That means understanding what you are doing.
Your will must be in writing. In Alberta, formal wills need two witnesses over age 18 who see you sign and then sign themselves. (clearEstate.com)
Holographic wills (entirely your handwriting, signed by you) are accepted in Alberta under certain conditions.
Tax, Probate, and Estate Costs Planning
Estate planning is not just about wishes. Money and tax rules matter.
Be aware of “deemed disposition” on death. Assets are considered sold at fair market value. Capital gains may trigger tax.
Consider probate fees or estate administration fees. In Alberta, probate (grant of probate) cost depends on value of estate. Strategies like joint ownership, beneficiary designations, or trusts may reduce cost.
Life insurance can help cover taxes, debts, probate costs, or provide liquidity.
Business succession: if you own a company, think what happens to it at death. Who takes over? What are tax implications?
Updating Your Plan Regularly
Life changes. So should your plan.
Update when major life events occur: marriage, divorce, birth or adoption of child, death of family member.
Review when you acquire or dispose of major assets (real estate, business, investment property).
Laws change. For example tax law, probate law, personal directives law. Keep informed.
Review beneficiary designations after events like marriage or divorce.
Wishes Beyond Distribution
Your plan can cover more than just who gets what.
- Funeral, burial, burial, or memorial wishes. You might include details such as service type, location, cremation, etc.
- Digital assets: social media, email accounts, digital photos. List how they should be managed. Provide usernames / passwords securely.
- Personal letters: values, messages to loved ones. Helps reduce ambiguity.
Cross-Jurisdiction and Foreign Assets
If you own property outside Alberta or outside Canada, extra care is needed.
Foreign real estate or accounts may have different laws about inheritance, taxes, or ownership.
Assets in other provinces may follow those provinces’ rules. Make sure your will addresses them properly.
Consider whether a “mirror” will is needed or whether your Alberta will covers out-of-province assets.
Special Situations
Certain circumstances require more detail.
- Business owners: succession plan, ownership transfer, buy-sell agreements.
- Blended families: step-children, previous marriages. Ensure clear instructions.
- Minor or disabled beneficiaries: trust mechanisms, protection from creditors, special support.
- Charitable giving: specify if you wish to leave gifts to charities. Consider tax benefits and legal formalities.
Choosing Advice and Professional Help
Estate planning is both personal and technical. Professional help often pays off.
- Seek an estate planning lawyer familiar with Alberta law.
- Consult financial advisors for tax, insurance, investment value.
- Trust advisors or accountants where business or cross-border issues apply.
- For complex estates, a team may include lawyer, accountant, tax planner.
- Putting the Plan in Motion: Execution and Safe Keeping
Writing documents is only part of the work.
- Execute your will and documents properly. Sign with witnesses (if needed). Store original safely. Let trusted persons know where the original is.
- Keep copies, both physical and digital, but protect confidentiality.
- Ensure agents / executors / guardians have copies or know where to find them.
- Make sure beneficiary designations on insurance, retirement plans are updated and match your intentions.
- Communicating with Loved Ones
Talking openly helps avoid confusion and conflict.
- Share essential details with family: who is your executor, where the will is stored, who the guardians are.
- Let people know your wishes, especially about care, funeral, and personal items.
- Be open about your reasoning if desired. Reduces surprises and disputes later.
Checklist Summary
Here is a summarized checklist to tick off. Use it as reference or print it.
- Common Mistakes to Avoid
Here are pitfalls people often encounter.
- Having an old will that no longer reflects current wishes.
- Failing to update beneficiaries on accounts or insurance.
- Choosing executors or guardians without discussion. They may not be willing or available.
- Forgetting assets held jointly or outside the will.
- Not planning for incapacity. Without directives, courts or others may make decisions you would not want.
- Overlooking digital assets or online accounts.
- Using documents that are not valid under Alberta law.
Final Thoughts
Estate planning feels emotional. It can feel overwhelming. But it brings peace. It brings clarity. It gives you control. It protects what matters most.
In 2026 estate planning in Canada is both simpler and more complex than before. Legal tools are more available. Technology changes how we own things. But laws and taxes still shift. At Forum Estates LLP in Edmonton we help people make and maintain estate plans they trust.
Begin sooner rather than later. Plan well. Update often. Protect your legacy.
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