Why You Should Consult a Lawyer About a Will and POA
Today’s society is fast-paced, so it’s important to plan for the future and be prepared for the unexpected.
Balancing work, family commitments and special events can make it difficult to get everything done that we want in a single day. With having a newborn child to take care of, finding time to meet with a lawyer to talk about a Will and Power of Attorney can seem like a daunting task.
So we ask: Why should you meet with a lawyer about a Will and POA?
Think About Your Will, Your Estate, Your Legacy
Before we answer this question, we must first address what a Will and POA are:
What is a Will?
A Will is a legal document that sets forth your wishes regarding the distribution of your estate when you pass away.
Your estate includes vehicles, investments, life insurance, bank accounts, furniture, and other belongings. Your Will can also set out wealth that you would like held in trust, guardianship for your minor children, and outline your funeral arrangements.
If you do not have a Will, your wishes may not be followed, leaving your family without any directions when you pass away. A Will ensures that your family does not have to take on any additional burden while they are grieving.
What is a Power of Attorney?
A Power of Attorney (POA) is a legal document that allows you to nominate a person to make decisions on your behalf should you be unable to do so.
You need to be mentally capable of signing any POA. You need to understand the financial and legal decisions and the possible consequences of your nomination. There are two types of POA that exist:
Power of Attorney for Property
A POA for Property gives your attorney the power to make decisions about your property and finances while you are medically incapacitated. The responsibilities of a POA for property can include, paying your bills, managing investments, or even collecting any money owed to you. This type of POA ends if you become mentally incapable.
Power of Attorney for Personal Care
A POA for Personal Care gives your attorney the power to make decisions about your health and overall personal care. This includes your health care, medical treatment, and other care plans. This person is the decision maker if you are unable to communicate your wishes yourself. They are also responsible for communicating any of the wishes or directives outlined in your Will and POA documents.
Benefits of Consulting a Lawyer
A professionally drafted Will reduces turmoil for your family when trying to figure out your affairs.
When you choose to work with a lawyer to draft a Will and POA, there are a few benefits to consider. A lawyer will be able to answer any questions you may have about setting up a trust and distributing wealth to minor children. A lawyer can also advise you on tax-saving solutions to help reduce the amount of tax paid on your estate.
Planning for your future is very important. Having a Will legally protects your spouse (or protects you from your ex-spouse), children, and assets, especially when you are gone. Having a Will decides how your estate will be distributed, who will take care of your children, minimizing estate taxes, and more.
When writing a Will, it is important to consult with a lawyer to cover all legal questions. Having a lawyer do this for you can save you time and money.
Although Will kits present themselves as a “more” convenient and affordable alternative to working with a lawyer, err on the side of caution. Drafting a Will yourself could possibly mean paying more in professional fees, taxes, and court costs in the long run because of a poorly drafted or invalid Will.
You have worked hard to establish your legacy to pass along to your family, so ensure that your estate plan is done properly to maximize what is to be distributed to your family.
I am healthy, why should I get a POA?
This is the most common question we get, and the answer is simple. Life can take unexpected turns. Should you ever be in a position where you are incapable of making your own decisions, you need to ensure that a POA is in place before this happens.
Think about a POA as a preventative measure. Far too often, potential clients reach out to us to have a POA drafted for a family member who is already in poor health. Since they lack the capacity to sign the POA, we are legally unable to help. As a result, their health, finances and their family suffer from a lack of planning.
Working With Dabros Law for Estate Planning in Ottawa
Dabros Law offers Will and Power of Attorney services at a flat rate with no additional fees like photocopies, and administration fees.
We also accommodate a busy life; we can meet with clients on evenings and weekends and we can even travel to you (should you wish)! Book a consultation with our team at Dabros Law to learn more about how we can help you with Will and estate planning in Ottawa.