Wills and Estate PlanningAlthough there is no legal obligation to prepare a will, there are extremely good reasons for doing so, some of which follow:
Powers of Attorney
There are two types of power of attorney, namely the Continuing Power of Attorney for Property and the Power of Attorney for Personal Care.
The Continuing Power of Attorney for Property is a document in which you can give the power to another person, to manage your financial affairs and to do anything, on your behalf, with respect to financial matters, except for making a will. It is recommended that one prepare such a document in order to facilitate the management of his or her affairs in the event that he or she becomes incapable. The granting of such power of attorney would not prevent you from continuing to act for yourself. It is important that you name someone that you trust, who will act in your interest.
A Power of Attorney for Personal Care is a document which allows you to give to another person, the power to make personal and medical decisions on your behalf if you are mentally incapable of making such decisions yourself. For instance, you can direct that life support systems not be used if there is no reasonable prospect of recovery. Again, it is sound planning to have prepared such a document, in order to avoid unnecessary complications and costs for yourself and your loved ones, should you become incapable of making personal care decisions for yourself. Powers of attorney are not just important to elderly persons. In fact most adults in Ontario should seriously consider the importance of having such documents and being prepared in the event that unforseen circumstances occur.
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