Burnaby Wills Lawyers
A Will is a small part of your entire estate plan but an important one as it may save your loved ones a lot of unnecessary expense and time upon your death.
The importance of estate planning cannot be overemphasized.
A Will is a small part of your entire estate plan but an important one. Finalizing your Will with one of our Burnaby Wills Lawyers requires little time and expense on your part but may save your loved ones a lot of unnecessary expense and time upon your death.
A Will, sets out your directions as to who should receive your assets, administer your estate, and be the guardian of any children (under the age of 19) upon your death.
If you die without a Will, the law directs how your assets are to be divided (with an unequal distribution of assets between your spouse and children, which you may not agree with) and who will administer your estate. By not having a valid Will, you will also lose the opportunity to appoint a guardian for your minor children. Dying without a Will may also result in unnecessary costs and delays causing frustration for your loved ones.
Managing Affairs During Your Lifetime
A Will has no legal effect until death. However, it is important to plan for circumstances where you are no longer able to take care of your financial and legal matters, and to properly attend to your health and personal care if you become incapable of looking after yourself.
There are several legal tools available which enable you to appoint a trusted person or persons to manage your financial and/or legal affairs and deal with medical and/or personal care decisions during your lifetime.
Powers of Attorney
A Power of Attorney is a document in which you can appoint a person you trust as your agent (called an “Attorney”) to handle your financial and legal affairs. You may limit the power of the Attorney to dealing with a specific matter such as a particular property or a specific bank account. An Enduring Power of Attorney is a power of Attorney that continues even after you have become incapable of managing your own affairs.
Representation Agreements
A Representation Agreement allows you to appoint someone you trust (called a “Representative”) to make health and personal care decisions on your behalf. If you have any particular health care wishes, you can include them in a Representation Agreement.
Advance Directives for Health Care/ Living Will/Personal Declaration/Do Not Resuscitate
Many people wish to record in writing specific wishes concerning their right to die a natural death. They may wish to relieve their family members of a difficult decision concerning the appropriate health care, in a situation where they may no longer be able to speak for themselves.
Nomination of Committee
A nomination of committee is another tool in planning for incapacity. It allows you to express your views to the court about who should be appointed to make financial and health care decisions on your behalf, if proceedings are brought under the Patients Property Act.
Contact Brentwood Law today to discuss your estate planning needs. Our Burnaby Wills Lawyers are happy to provide detailed explanations of the best legal tools for your specific circumstances.