Wills and Powers of Attorney are essential instruments in the tool kit of life. Despite that fact, many adults still have little awareness of the critical role that these documents can play in organizing their affairs, and have never signed a valid Will or Power of Attorney.
Although Provincial laws do set out a distribution plan if a person dies without a Will, relying upon this plan will not likely be what you want. The purpose of a Will is to provide your loved ones with a road map to follow when disposing of your assets after death. It can give direction on the custody of minor children, provide for on-going support for your dependents, and ensure that specific items that you and your family value are given to the proper persons after your death.
Powers of Attorney
Powers of Attorney come into play when you are still alive, but you have become unable to care for yourself or make your own financial and personal care decisions. By default if you become mentally incapable then the Public Guardian and Trustees Office, a Provincial government agency, takes over. Very few people would want the government managing their affairs at such a personal level. Through Powers of Attorney you can appoint close family members or skilled friends to help manage your affairs.
Wills and Powers of Attorney need to be reviewed over time particularly when life changing events occur such as marriage, divorce, birth of a child, or death of a close family member such as a spouse.
Estate planning is an important component of Will drafting so that your affairs are arranged to simplify the financial implications of your death, and avoid or reduce taxes which may be imposed upon your estate. Our firm has over 100 years of combined experience in the Wills and Estates Department and we can give sound advice that will save money later on.
We have the expertise to assist and guide an Executor through the process of administering an Estate and carrying out the directions of the deceased person set out in his or her Will.