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Wills and Powers of Attorney -
Wills
Many people feel they don't have enough money or possessions
to warrant having a Will. A will is necessary though, to ensure
that things are taken care of as you wish. If you die
without a Will, there are specific rules within the law that
dictate who will receive shares of your estate and in what
proportion, based on their relationship to you.
If you have a Will, it is important to understand how changes
in your life may affect the contents of your Will, and to have it
updated when necessary. If, for example, you made a Will
when you were single, a subsequent marriage will invalidate your
Will in most circumstances.
As you may be aware, simple Wills are now available in
stationery stores or by mail order. Be aware that these
kits often lack critical information, and are usually incapable
of accommodating all but the simplest of family situations.
These deficiencies can cause a number of difficulties down the
road. Consult a lawyer to ensure that your Will will
distribute your estate as you intend, and to ensure that proper
signing formalities are observed for your Will to be valid.
Powers of Attorney
Powers of Attorney are intended to deal with situations where
you are alive but mentally incapable of making your own decisions.
The term "attorney" in these documents refers to the
person you name to manage your affairs in this event. This
person can legally do anything that you could do with your
assets, other than change your Will.
There are two Powers of Attorney available. The first
is the Power of Attorney for Property which covers
things such as paying your bills and managing your investments.
The second is the Power of Attorney for Personal Care,
sometimes referred to as a "living will"; which deals
with personal care decisions including your wishes in the event
that you are being kept alive by artificial means with no
prospect for recovery. In both of these Powers of Attorney
you are free to provide specific instructions or limitations on
the power that your attorney will have.
If you do not have Powers of Attorney and you become mentally
incapable, you will not be able to make a Power of Attorney.
In this situation, the Office of the Public Guardian and Trustee
(a government office) will be in charge of administering your
affairs unless a relative comes forward to apply to be your
guardian. This application requires extensive legal
documentation and costs that are not necessary for those who have
Powers of Attorney.
Legal Fees:
I have a number of flat fee packages available for both
individuals and couples regardless of the size of your estate.
Please contact my office for details and I will be happy to
answer any further questions you may have and quote you my costs.
All fees are subject to GST.
Send E-mail to David Fysh at david@davidfysh.com