Will is a legal document used to outline a person’s final wishes for distribution of their accumulated assets, and appointment of guardianship for their minor children.
If you were to pass away without a will, your wishes may not be carried out as your assets will be distributed as set out in the Wills, Estates and Succession Act. You will have no control as to who would get your accumulated wealth, as it will be based off the statutory scheme, set out by the act. Further you will not be able to appoint guardian(s) of your choice for your young children.
If you own assets and/or have children or a partner, we recommend you look at having a will made. The process does not have to be complicated. Let us at Sekhon Notary Public assist in reviewing your estate planning needs and help you finalize your last will and testament.
We never want to think of the worst case scenario, but it is something we should for the sake of our loved ones. A power of attorney is a legal document that you would sign to give an individual the authority to manage your financial affairs.
In order for you to appoint an attorney, you must be mentally capable to do so. To be mentally capable means that you have a good understanding of your finances and legal decisions, and you understand your attorney can make those decisions on your behalf. It is a good idea to prepare your enduring power of attorney, in case you are to suffer from a debilitating disease such as mental illness, accident or stroke.
If you do not have a power of attorney document, and you were to lose mental capacity, your loved ones would have to go through a lengthy and expensive process of having a court-appointed committee. Furthermore, there is a possibility the Public Guardian and Trustee could take over your affairs.
A power of attorney is essential for individuals who want to ensure that a trusted individual would be in charge of your financial obligations and help you with your daily finances.