It is important to have a will and power of attorney in place, and a lawyer can help you create these documents. If you pass away without these documents, your assets may not be distributed according to your wishes.
Life insurance can also help ensure that your family is taken care of if you pass earlier than expected. We can help you choose a suitable life insurance policy.
Book a free consultation with one of our experienced advisors to discuss your estate planning needs.
Power of Attorney (POA)
Power of Attorney (POA)
Power of Attorney (POA)
A power of attorney (POA) is a legal document that appoints someone you trust to make decisions on your behalf about your finances, assets and well-being while you are still alive. You may have multiple POA’s in place for different things, and you may appoint different people to these roles. This is a very important part of an overall estate plan, and you should be sure the attorney(s) you choose both accept and understand the responsibility that comes with such a role.
There are two types of POA: one for property, which documents your wishes with respect to your property and finances, and one for personal care, which allows you to specify your wishes related to medical treatment, shelter, safety, nutrition, or hygiene.
Depending on the type of POA, it could take effect immediately upon signing, or it could take effect when a doctor declares that you are mentally incapable. This could be due to things like temporary or permanent medical, neurological, and psychological conditions. The details around when it takes effect will be clearly indicated in the document.
Work with a lawyer on your POA’s to ensure they are completed properly. There are also limits you can place on a power of attorney, if you want to. This can be discussed further with your lawyer.
Wills
Power of Attorney (POA)
Power of Attorney (POA)
A will is a document that says how you want your estate to be divided once you pass away. Your estate includes what you own (called "assets") and what you owe (called "liabilities").
While you are not legally required to prepare a will, it is a good idea to have one. If you don't have one when you pass, the laws in your province or territory will determine how your estate is divided.
Before you pass, and after you have completed your will, you must choose someone you trust to manage your estate — otherwise known as an executor. Your executor will benefit from having an updated will to consult as they carry out their responsibilities.
We recommend you get a lawyer to help you create your will and appoint an executor. This will ensure your documents are prepared and witnessed properly.
We also recommend setting up your power of attorney (POA) at the same time.