Weary & Co Law Office: Making the harder decisions early, Meet Tommy and Gina

A Will is one of the few documents most people believe they have plenty of time to make. However, it usually gets put off until the average age of retirement. But dying without a Will could see your Estate dispersed in a way you did not intend, and any minor children go to a person chosen by the Courts. In this series of articles, we’ll illustrate some of the aspects of estate planning documents and the decision-making process that goes into them by following a young couple as they prepare their own estate.

Meet Tommy and Gina. They’re in their mid-20s and have been married for four years. Both have steady employment and have just bought a house. They have a two-year-old son with a second on the way. With the birth of their second child in a few months, they wanted to make sure nothing was left out of their control in case something unforeseen occurs. Like most married couples, they named each other Executors and are the main beneficiaries of the other’s Estate.

But, what would happen if they both died while their children were still quite young? Who would take care of their kids the way they want their kids to be raised? They considered each of their siblings. Tommy’s brother is 18-years-old and just entered university. Though he is the legal age to be a guardian in Alberta, they felt he’s still too young to take care of two young children. Gina’s sister and brother-in-law have a family of their own, but there are complications—the brother-in-law may have a small addiction to painkillers after a nasty car accident two years ago. Would this addiction have an impact on his parenting later on, even though right now both parents are devoted to their own three kids?

They considered their own parents. Both sets of parents are in their mid-50s and are in good health. Gina’s parents now live in New Brunswick, a province they don’t know very well; whereas Tommy’s parents live locally in St. Albert. The young couple like St. Albert, its school systems, daycare facilities and kid-friendly atmosphere, so they decided to name his parents as guardians as it would ensure their children would get the best possible childhood growing up. They named two alternate guardians as a safety net in case Tommy’s parents were unable to take on the responsibility after the Will was made legal.

Did You Know?

If you don’t have a Will, children have full access to their inheritance when they reach the age of majority (18 years in Alberta). Provisions can be put in a Will to limit the child’s access to his/her inheritance until an older age.

This sponsored content was produced in partnership between Weary & Co Law Office and T8N Magazine