Estate & Personal Planning
All of us will eventually pass away, ENSURE YOUR AFFAIRS ARE IN ORDER! Having a valid Will alleviates your loved ones of the uncertainty, stress, and legal costs of settling your estate should you die without a valid last will and testament.
Will: A written instrument executed with the formalities required by statutes, whereby a person makes a disposition of his/her property (real and personal) to take effect after his death. (Black, Henry Campbell. Blacks Law Dictionary. 6th ed. St. Paul MIN, West Publishing CO, 1990.)
A Will is the first step in planning for the future - it is a legally binding and enforceable document defining what to do with all your property at the time of your death, and the Guardianship of your children until they reach the age of nineteen (In British Columbia).
The terms of a Will typically involve:
- appointing executors to take control of your estate
- paying out debts you may have - including income taxes and deemed disposition capital gains triggered by death
- transferring your property to your beneficiaries on the terms you direct
- appointing guardians for minor children
- instructions regarding special funeral / burial or cremation arrangements
Please fill out, print and bring down to our office
Power of Attorney: This document allows your attorney (the person appointed by you) to manage your legal and financial affairs in your place, WHILE YOU ARE ALIVE. This is particularly useful if you become incapacitated due to physical or mental health problems, or in the event of your absence. Powers of Attorney may be restricted to specific purposes, or not, so that your attorney may deal with any affairs that may arise. You can appoint your spouse, adult child, close friend, family member, or person of trust. You should appoint an alternate just in case the person you appoint is ill, absent, or predeceases you. An attorney's authority can start from the moment the Power of Attorney is signed, or upon a "triggering event", it is essential that the person be trustworthy and available.
Please fill out, print and bring down to our office
Representation Agreement: A Representation Agreement is a tool that allows your appointed representative to make personal and health care decisions for you. There are two types of Representation Agreements, Standard and Enhanced. Standard Representation Agreements cover routine financial and/or health care decisions, while Enhanced Representation Agreements give broader powers to the representative, including end of life decision making. These agreements are particularly important for people who do not have a spouse or children or for people who cannot rely on their family members due to distance or lack of communication or a difference in values. Your representative should be someone who is available, willing and competent to help you with health care and personal care decisions.
