Tuesday, February 12, 2013

The Elements Of A Good Estate Plan (Part 1)

 Estate Planning

Proper estate planning should, at a minimum include: a Will, a Power of Attorney for Property, and a Power of Attorney for Personal Care.

Your Will

As you probably know, a Will is a written document that sets out how your “estate” should be taken care of after death. It takes effect when you die. A person's estate typically consists of real estate, money, investments, and personal or household belongings.

In the Will you appoint an “executor” who gathers up all your assets (your estate), pays your debts and divides what remains of your stuff among the people you named in your Will.

Powers of Attorney

A Power of Attorney is a legal document that gives someone else the right to act on your behalf. This is important in the event that something should happen to you and you can’t take care of things yourself but you are alive.

A Continuing Power of Attorney for Property allows someone to deal with your stuff like selling things or getting at the money in your bank accounts.

A Power of Attorney for Personal Care kicks in if you become in capable of making decisions concerning your health care. It allows someone to talk to doctors and others about how you should be treated, or not as the case may be. So that’s the legal documentation you should have in place.


Need Help with your Estate Planning?

If you need help with your estate planning contact myself or any Wills and Estates Lawyer. My goal is to deliver personalized high quality Wills and Estate Planning services in a direct, approachable and cost effective way. I implement the efficient use of technology to reduce or eliminate bottom line costs to my clients.

For more information visit my website at www.hunt-law.ca

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