Preparing Wills and Powers of Attorney

Wills and Powers of Attorney are two well-known estate planning tools. Below are some elements of each for your information.

Wills

A Will enables you to legally prescribe what you want to do with your assets and dictates your wishes after your death.  A Will becomes effective when a person dies. Some of the criteria for making a valid Will include:

• The Testator (will maker) must be of sound mind at the time of providing instructions and signing the Will; and
• The Will must be in writing, signed and the end by the Testator and witnessed by two attesting witnesses

When a person makes a will, it is best to inquire about establishing a trust if one or more of the beneficiaries may be under the age of majority at the time of one’s death.

Powers of Attorney

A  Power of Attorney for Property allows another individual of your choosing (your “Attorney”) to deal with your financial assets and property in the event you become incapacitated.   The Power of Attorney for Property allows your Attorney to do anything you could do with your property, including handle all of your transactions to and from your bank accounts and pay your bills.

A Power of Attorney for Personal Care allows your Attorney to make health care decisions on your behalf in the event you become incapacitated. The Power of Attorney for Personal Care allows your Attorney to discuss your medical history, treatment options, make healthcare decisions and accept or refuse medical treatment on your behalf.

At SBMB Law – our Richmond Hill Wills and Estates lawyers have extensive experience in dealing with Wills, Trusts and Powers of Attorneys. Call us at 905-884-9242 and let us help you get started.