In most cases we do not want to think about death and leaving our loved ones. It’s because of our loved ones that we must take the time to create a Will. You want to be certain that your home, your assets, and personal possessions after your death will go to the people that mean the most to you. Here at Shah Eubanks PC we understand that it can be an emotional and difficult process so we commit to handling this with sensitivity and care. Your peace of mind is our peace of mind.
A Will or Testament is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death. Your last Will provides the opportunity to distribute your property, establish care for your children and otherwise express your wishes upon your death. A Will is necessary if you intend to leave property to a person or entity other than a blood relative, such as a domestic partner, a friend, or a charity.
Powers of Attorney
A power of attorney is a legal document that gives someone else the right to make decisions or act on your behalf if you become unable to do so yourself.
There are two main types of powers of attorney:
1. Continuing Power of Attorney for Property
This legal document allows a person you name to act for you in regards to your financial situation if you become mentally incapable of making those decisions.
2. Power of Attorney for Personal Care
This legal document allows the person you name to make decisions regarding your health care and funeral arrangements.
Powers of attorney are usually drafted at the same time someone has their Will drafted.
Frequently Asked Questions
Yes. If you die without a Will, even though your spouse will inherit your house and other items if you own them in joint title, there are no guarantees that the rest of your belongings will be given to the people you want to receive them. Having a last Will and Testament provides direction to your heirs and ensures that your final wishes will be followed.
One of the many advantages of making a Will is that it allows a person to choose someone they consider trustworthy to be an Estate Executor to administer their Estate as opposed to having a Court appointed administrator. Furthermore, the costs associated with administering an Estate pursuant to the terms of a last Will and Testament can be considerably less than administering an estate for which there is no Will and for which competing interest may lead to expensive litigation.
Should you ever become incapable of managing your financial affairs or unable to make decisions regarding your personal care, the Substitute Decision Act states that the Provincial Government will make the decision for you until a suitable replacement is found. You can avoid this outcome by having a lawyer at Shah Eubanks PC draft a continuing power of attorney for property in which you choose; who would act for you should you lose your ability to manage your financial affairs. By drafting a power of attorney for personal care you can appoint a person of your choosing to make decisions concerning your health care should you be unable to do so.