|
Wills and Powers of Attorney
A Will is a legal document designating the transfer of your property and assets after you die. Preparing a Will is the simplest way to ensure that your funds, property and personal effects are distributed according to your wishes.
Powers of Attorney, like Wills, are an integral part of an estate plan, yet frequently overlooked. The documents themselves are quite simple and inexpensive to prepare, however can be an invaluable measure in protecting your estate and your family from financial difficulties in times of personal duress.
There are two types of appointments:
A Power of Attorney for Property enables you to appoint someone you trust as your attorney for property; authorizing them to sign documents relating to your assets and financial affairs on your behalf.
The Power of Attorney for Property comes into effect the moment it is signed and therefore may be general, restricted or continuing depending on your needs.
A Continuing Power of Attorney for Property is on-going and remains in effect beyond your mental competency. It does not however extend to decisions with respect to your personal care or medical treatment, for those matters there is a Power of Attorney for Personal Care.
Power of Attorney for Personal Care enables you to appoint someone to act on your behalf for personal care; someone who knows what decisions you would want if you ever became incapable of making your own personal care decisions. Should an illness or injury take place rendering you no longer able to make cognizant decisions, the Power of Attorney for Personal Care would come into effect. It is imperative that you have proper documentation in place to ensure that your specific intentions are carried out.
Unlike the Power of Attorney for Property which takes effect immediately upon signing, the Power of Attorney for Personal Care would only take effect should the person who signed it become mentally or physically incapable of personal care decision-making.
It is very important to work with someone who not only understands Wills and Powers of Attorney but someone who would be competent to assist your family should any difficult decisions arise. As your financial advisor, I will provide you with in-depth knowledge pertaining to all aspects of these legal documents.
| 
