It is important to have a will and power of attorney in place. If you pass away without these, your assets may not be distributed according to your wishes. You should also get life insurance to be sure your family is taken care of in the event you pass earlier than expected.
Book a free consultation with one of our experienced advisors to build or adjust your estate plan to make sure everything is properly in place.
Power of Attorney (POA)
Power of Attorney (POA)
Power of Attorney (POA)
A power of attorney (POA) is an important part of an overall estate plan. A POA gives the person named (called an attorney) the power to make decisions on your behalf while you are still alive. You should appoint someone you have complete trust in as they could have control over your financial dealings.
There are two main types of power of attorney: 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. You can designate different people for each type.
There are limits you can place on a power of attorney if you want to. This can be discussed further with a 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"). An up-to-date will can help your Executor deal with your estate when you pass. An Executor is the person you choose to manage your estate after your death.
You're not legally required to prepare a will, but if you don't have one when you pass, the laws in your province or territory will determine how your estate is divided.
Be sure to get professional legal help to create a will as this will ensure your documents are prepared and witnessed properly. We also recommend getting your Power of Attorney set up at the same time.