Starting your life together as a newlywed couple is an exciting time filled with important decisions, like buying your first home. However, as you settle into this new chapter, it’s equally important to consider estate planning, particularly creating a will. In Alberta, taking the step to create a will as new homeowners provides essential legal protection and peace of mind for you and your spouse.

Protect Each Other’s Interests

Purchasing a home is one of the most significant financial investments a couple can make together. Without a will, the distribution of your assets, including your home, is determined by Alberta’s intestacy laws. This could result in unexpected outcomes that may not align with your wishes. A will allows you to specify how you want your home and other assets to be divided, ensuring that your spouse is protected and receives what you intend.

For example, if you pass away without a will, your spouse may have to share the estate with other family members, depending on your family situation. By having a will, you can designate your spouse as the primary beneficiary, ensuring they have full ownership of the home and any other jointly held assets.

Designating Guardianship for Future Children

As newlyweds, you may be planning to grow your family in the future. While it may seem early to think about, having a will allows you to designate guardianship for your children. This is a crucial step in ensuring that your children are cared for by someone you trust in the unfortunate event that both of you are no longer around. Without a will, the decision of who will take care of your children may be left to the courts, which could result in outcomes that may not align with your preferences or values.

Avoid Potential Disputes and Delays

One of the primary benefits of having a will is avoiding potential disputes and delays in the distribution of your assets. When there isn’t a clear plan in place, surviving family members may face unnecessary legal battles or delays, adding stress during an already difficult time. By outlining your wishes in a will, you minimize confusion and provide clarity, making the process of handling your estate smoother for your loved ones.

The Right Time to Plan is Now

While it can be uncomfortable to discuss topics like estate planning and wills, doing so early in your marriage provides a foundation of security for your future together. If you’re in the process of buying your first home in Alberta, now is the perfect time to consider creating a will. It's a step that reflects not only your commitment to each other but also your dedication to protecting what you’re building together.

Conclusion

Creating a will is a straightforward process, but it’s essential to get it right. Consider consulting with a legal professional experienced in estate planning to ensure all aspects of your assets, including your new home, are covered. We can guide you through the nuances of Alberta’s laws and help you craft a will that truly reflects your wishes.

By integrating estate planning with homeownership, newlyweds can take a proactive step towards securing their future, protecting their loved ones, and ensuring peace of mind as they embark on their life journey together.