A will is a legal document that states ones final instructions for that of their estate (belongings, money, and property) after death. A person who dies without a will dies intestate, this does not mean your family is left with nothing it means a standardized procedure will be followed instead of the deceased’s wishes. It is always in your best interest to get a will. A lot of people believe they can simply hand write their wishes and that this “will” be valid upon death. Although this is a Holographic Will and may be deemed acceptable it is not a good idea to rely on. A Holographic Will is hard to prove legitimate because it is signed, dated and prepared by hand. They are often challenged and are subject to misinterpretation because of this. It is always in your best interest to get a formal will drafted. A formal will is drafted by a lawyer following your instructions and wishes. It is then signed by you and before two witnesses who are not beneficiaries that are included in your will. There is a cost to have a will drafted by a lawyer but it will avoid a lot of confusion and stress on your family after you pass.
Power of Attorney, Ontario
What is a Power of Attorney? A power of attorney is someone that you appoint in a separate legal document other than one’s will to make decisions regarding your personal care and assets. There are two types of power of attorneys, Personal and Property. A personal power of attorney will be appointed to make decisions for you if and when your health and independence deteriorates. These decisions may include health decisions and where you will reside or even eat when you are no longer able to care for yourself. A property power of attorney will deal with your estate as a whole including property, finances and other assets. When does an appointed power or attorney decide when to start making these decisions? It is not the power of attorney’s decision on when to they have power over your decisions. These decisions will only be given to your appointed power of attorney after you are deemed to be mentally unable to make these decisions by a doctor or appointed person who can legally make these decisions.
To get help regards to wills Visit Axess Law Offices in Ontario Canada.