The Benefits of a Will
In the midst of a busy and active daily life routine, it can be a common occurrence for many people to either postpone or set aside thoughts of planning for the future in regards to formulating their estate plan, since it involves taking stock of many emotional and profound considerations that come into play after death. However, the importance of undertaking an estate plan should not be understated or minimized.
The cornerstone of an individual’s estate plan should be a carefully considered and crafted will. A will is a formal document that sets out your specific intentions to your loved ones on how you would like to have your estate distributed after your death. Indeed, the presence of a will can assist in minimizing the potential costs and delays that may come with administering your estate and prevent against a circumstance where the court may appoint someone to administer and distribute your estate according to intestacy laws, which may result in your assets being dispersed in a manner that you would not have intended.
As part of the will preparation process, you can select your executors with the desire of bestowing upon them the responsibility of administering your estate to your designated beneficiaries. A will can also include particular provisions to address other matters, including:
- making specific allocations of your assets, such as the transfer and provision of sentimental or significant items to particular individuals;
- making specific allocations for a common-law spouse, where the spouse might otherwise not receive part or all of the estate;
- donating to specific charitable organizations or causes;
- indicating your preferred choice to be the guardian of your minor children and their affairs; and
- whether you would like specific debts owed to you to be repaid or forgiven.
The Benefits of Power of Attorney Documents
In addition to the preparation of a will to deal with estate matters after you have passed away, we also recommend the creation of two types of Power of Attorney documents: a Power of Attorney for Property and a Power of Attorney for Personal Care. As their names imply, these two documents allow you to appoint someone that you trust to administer and make decisions regarding your financial affairs and in regards to your health care, in the event that you are still living, but unable to make such decisions by virtue of a mental or physical incapacity.
The loss of a cherished loved one can be emotionally overwhelming and it can also be intimidating and daunting to simultaneously turn to the matter of administering the resulting estate. At Chan Law, we can help to guide you through the process of ascertaining the individual’s assets, notifying the beneficiaries, completing the application to be appointed as Estate Trustee with or without a Will, and assisting with the final distribution of assets.
We would encourage you to contact Chan Law to commence a discussion about your individual and distinctive circumstances so that you can start to put a plan in place for the future and craft a valid and sound set of Will and Power of Attorney documents.