I am applying for permanent residence through an Alberta provincial nominee program stream.

I am applying for permanent residence through an Alberta provincial nominee program stream. To enter Canada, I will be driving across the border near Niagara Falls (in Ontario). Will this cause a problem? For more information on Canada Immigration visit:

http://calgarylegalwills.com or Call Russ Weninger at (403) 265-4496

What Happens If I Fail To Mention A Dependant On My Application For Permanent Residence?

Unless Canada’s immigration laws change drastically in the meantime, your application to sponsor the dependant will be refused. For more details, log on to www.CalgaryImmigrationLawyer.com

How to Make an Asset Inventory For The Purpose Of Managing Your Estate

After the death of a testator (someone who made the will), the will acts as the source of authority for the transfer of assets from the testator to his or her beneficiaries. If done properly it acts as a guarantee that the designated heirs and beneficiaries shall receive their shares according to the wishes of the testator. But, before your assets can be distributed it is important for your executor to have a list of the assets you own. If this is not something that you have done before your death, your executor will be required to compile this list, and this may complicate the administration of your estate.

Below is a simple guide on how to make an asset inventory:

1.       List all your assets in a worksheet or spread sheet and categorize them according to asset types (e.g. real property, personal property, etc). Your list can include the following:

§  bank accounts

§  any business you may own and the major assets of the business

§  digital property (e.g. websites)

§  other intellectual property

§  money market accounts

§  mutual funds

§  real estate

§  retirement accounts

§  royalties

§  stocks and bonds

§  automobiles

§  valuable personal items (e.g. furnishings, artwork, musical instruments, and jewelry)

§  other types of investments

                                                 

It is important to collect the most recent documentation of each asset including the papers that reflect the current value and location of each property. You can ask your wills and estate planning lawyer about the types of documentation you may need to make the job of your executor easier.

2.       Create a folder for your insurance files. It should contain important documents and information with regards to the following:

§  All types of insurance you have

§  Beneficiaries

§  List of dependents

§  Current cash value of all your insurance policies.

3.       Make a list of obligations and liabilities. You should create a spreadsheet that contains all the information with regards to the type of liability/obligation, worth, location and the name of person or company involved. The list may contain any of the following along with other debts:

§  Mortgages

§   Automobile loans

§  Student loans

§  Credit card balances

§  Tax liabilities

§  Other personal debt

4.       Make a comparison of your assets and liabilities. Determine the current worth of your assets minus the obligations. You can update this annually to ensure that you have an updated estimate of your estate’s net worth. This strategy will help avoid surprise obligations that may reduce the expected estate payout to your heirs or beneficiaries. 

It is important to talk to your Alberta wills and estate planninglawyer before drafting your will so that you can include all the necessary information with regards to asset distribution and other related matters.