Wills and Powers of Attorney are extremely important
documents that everyone should have regardless of how much or how little you own.
WILLS
A Will sets out "who you want to get what" upon your death.
Your Will can set out your wishes with respect to whom you wish to be the Guardian and
Custodian of your children. You can set up trusts for your children and you can choose the
age that you wish the money from the trust to be given to them. In the interim, we can
ensure that money from the childrens trusts can be used for their education and
support.
You can provide specific gifts in your Will. e.g. "To my sister, SARAH SMITH the
sum of $5,000.00".
You can also ensure the insertion of a clause in your will which protects the gain on
any inheritance that your beneficiaries receive will not be included in family property in
the event of a separation or divorce.
POWER OF ATTORNEY
What is it? A power of attorney is a legal document which allows you to choose who
will make decisions for you should you be unable to do so yourself. A power of
attorney ends on your death.
Who should have powers of attorney
Powers of Attorney are important documents for everyone. They allow the person whom
you have chosen as your attorney to manage your financial affairs or make decisions
about your personal care should you become incapacitated for any reason, for example as a
result of an accident or illness.
There are two types of Powers of Attorney:
Continuing power of attorney for property
This power of attorney allows the trusted person whom you have chosen as your attorney to
make decisions on your behalf with respect to all of your financial affairs.
Continuing power of attorney for personal care
This power of attorney allows your chosen attorney to make decisions about your health
care, shelter, nutrition, hygiene, and clothing should you become incapacitated. It also
allows you to give instructions to your attorney in advance about the kind of health care
that you wish to receive in the event that you are unable to give those instructions
yourself.