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Wills & Estates – How Do I Make a Fool-Proof Estate Plan?
People often assume that a Will covers everything. That is not the case. Several documents are required to create a fool-proof estate plan. Along with a Will, it is also imperative to designate a person (or more than one person) to act as a Power of Attorney for Personal Care and a person (or more than one person) to act as a Power of Attorney for
To put it simply, the Power of Attorney for Personal Care and Power of Attorney for Property take effect when the signor is still living, but is, or has been deemed, incapable. When the signor is deceased, the Power of Attorneys become null and void and the Will takes effect. Issues relating to personal care and property that may arise after the death of signor are then dealt with by the executor of the Will. Together, these documents create a solid estate plan.
When am I deemed “incapable”?
According to the Ministry of the Attorney General, you may be deemed incapable of making decisions if your ability to understand information or your ability to understand the consequences of a decision have been compromised.
What is a Power of Attorney for Property? How do I know who to choose?
A Power of Attorney for property is a person (or more than one person) designated to act on your behalf when you are incapable of managing your own real property. It is important to select someone who you trust because unless specially stated, this Power of Attorney has the power to do anything that you yourself are able to do with your property. It should be noted that this document is effective immediately after being executed.
What is a Power of Attorney for Personal Care? How do I know who to choose?
Many people overlook the importance of a Power of Attorney for personal care. A Power of Attorney for personal care is a person (or more than one person) designated to make all personal care and treatment decisions on your behalf. You may, but do not have to, designate the same person to be your Power of Attorney for Property as the person designated for Personal Care.
Again, this Power of Attorney for personal care is only triggered when you are, or have been deemed, incapable. The designated person (or people) have the power to make decisions regarding where you should be treated, if you should be treated and to what extent you should be treated. Because of the nature of this role, it is important to select an individual whom you trust as, for a Power of Attorney for personal care, your life may almost literally be in their hands. It is also important for you to discuss your personal care wishes with the designated person to ensure that they are able to make appropriate decisions for you.
If you have any questions regarding Powers of Attorney or would like to book an appointment to complete a Will and a Power of Attorney for Property and/or Personal Care, give us a call.
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