Did you know that it is the ancient Babylonians probably made the first New Year’s resolutions? It is thought that the most common resolution for an early Babylonian was to return borrowed farm equipment. Much has changed since then. Today, popular New Year’s resolutions include losing weight, spending less, quitting smoking, getting a better job, and getting fit.
Although you may not have included estate planning as one of your New Year’s resolutions, here are my top ten reasons why having a Will and Powers of Attorney should be at the top of your list:
1. You decide who will make medical and health-care decisions for you in the event you are incapable of making those decisions for yourself. If you don’t have a valid Power of Attorney for Personal Care, the law decides who will make medical decisions for you.
2. You decide who can deal with your assets in the event you are unable or incapable of making those decisions yourself. If you don’t have a valid Power of Attorney for Property, the government may act for you or may decide who can act for you.
3. You choose your executor (also called an ‘estate trustee’). If you die without a will ( die ‘intestate’), the executor may not be who you would have chosen. Worse yet, no one can deal with your assets until an executor is appointed by the Court.
4. You can name a guardian to care for your minor child(ren) in the event of your death. You can also name an alternate in the event your initial guardian is not able to take on the care of your child(ren) for whatever reason. These appointments are only valid for 90 days at which time someone has to apply to the court for guardianship.
5. You can decide how your assets that you have worked so hard to accumulate will be divided upon your death. If you die intestate, the law decides who will inherit your assets. These may not be the individuals you would have chosen.
6. You can give specific articles or cash gifts to certain persons and/or charities. This allows you to pass along a treasured family heirloom or remember a favourite charity.
7. You can explore exciting estate planning opportunities such as using trusts to delay the payment of an inheritance to a minor beneficiary or preserve the governmental benefits received by a beneficiary with a disability.
8. You can ensure that proper tax and estate planning are done which can result in significant savings to your estate including estate administration tax (commonly known as ‘probate’).
9. You can do your best to avoid costly estate litigation by proper estate planning. Trying to save money on the preparation of your will can lead to huge expenses later. If there is even the slightest ambiguity or confusion in your will, an application to court may be necessary so that a judge can determine what you really meant. Any court application is costly and will cause delays and reduce(!) the payment of your estate to your loved ones, surely not what you intended. And who knows what a judge may decide!
10. You can achieve peace of mind like you have never experienced before by knowing that your loved ones will be provided for in the best way possible.
If having a Will and Powers of Attorney is one of your New Year’s resolutions, call 613.836.9915 or email [email protected] to make an appointment to meet with me at our Ottawa law office. Together, we will review your unique situation and estate planning goals and you will have my extensive experience in estate planning to help you do it right.
Reproduction of this blog is permitted if the author is credited. If you have questions or if you would like more information, please call us at 613 836-9915. This blog is not intended to be legal advice but contains general information. Please consult a lawyer or other professional to determine how the information in this blog might apply to you.
Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.
