In the journey of life, it is imperative to plan for the future, ensuring that our wishes are respected, and our affairs are managed according to our preferences. In Canada, three crucial legal documents play a pivotal role in safeguarding one’s interests: Will, Power of Attorney, and Personal Directive.
Without proper legal documents in place, your loved ones may face difficulties, delays, and disputes in managing your affairs. Therefore, it is important to rely on an estate planning law firm to handle such matters.
In this blog post, we will delve into the significance of these documents and explore how seeking professional assistance can simplify the process, offering you peace of mind.
What Is A Will?
A will is a legal document that expresses your wishes about how you want your property and assets to be distributed after your death. It also allows you to name an executor, who is the person responsible for carrying out your wishes and administering your estate.
A will can also include other provisions, such as naming a guardian for your minor children, creating a trust for the benefit of a beneficiary, or making charitable donations.
Importance Of A Will
Having a will is important because it gives you control over your estate and ensures that your loved ones are taken care of according to your preferences. If you die without a will, your estate will be distributed according to the statutory rules of succession, which may not reflect your wishes or the needs of your family.
For example, your spouse may not receive the entire estate, your common-law partner may not receive anything, or your children may inherit your assets before they are ready to manage them.
What Is A Power Of Attorney?
A power of attorney is a legal document that authorizes someone to act on your behalf in legal, financial, and property matters. It can also be used to designate someone you trust to handle your financial affairs if you happen to be out of the country or sick. You can choose from two types of power of attorney: a general or a specific one.
A general power of attorney gives your agent broad and unlimited authority to act on your behalf in any situation unless you specify otherwise. A specific power of attorney limits your agent’s authority to certain matters or situations, such as selling your house or managing your investments.
A power of attorney can be either enduring or non-enduring.
- An enduring power of attorney remains valid even if you become mentally incapable of making decisions for yourself.
- A non-enduring power of attorney expires when you lose your mental capacity.
Importance Of Power Of Attorney
Having a power of attorney is important because it allows you to choose who will manage your affairs if you are unable to do so yourself. Without a power of attorney, your family or friends may have to apply to the court to appoint a trustee, which can be costly, time-consuming, and stressful.
Also Read: Family Law – The Basics
What Is A Personal Directive?
A personal directive, also known as a health care directive or a power of attorney for personal care, is a legal document that allows you to give a person of your choice the authority to make decisions about your personal care should you become mentally incapable. Personal care includes matters such as health care, nutrition, safety, hygiene, admission to a care facility, and even end-of-life decisions.
Importance Of Personal Directive
Having a personal directive is important because it gives you control over your personal care and ensures that your wishes are respected and followed. Without a personal directive, your healthcare providers will make decisions for you based on the standard of care and the best interests principle, which may not align with your values or preferences.
Your family or friends may also have to apply to the court to appoint a guardian, which can be complicated and contentious.
How Can We Help You?
At Nexus Legal, we are committed to helping you plan for the future and protect your interests and your loved ones. We have the experience and expertise to assist you with drafting and executing your will, power of attorney, and personal directive.
We will work with you to understand your situation, goals, and concerns and provide you with personalized and professional advice. We will also ensure that your documents are legally valid, clear, and comprehensive and that they reflect your current wishes and circumstances.
If you want to create or update your will, power of attorney, or personal directive or even start estate planning from scratch, contact us today to schedule a consultation.
587-855-0008
