Living Wills, Also Known As Enduring Power Of Attorney
A living will is a legal document that allows people to specify what should happen to them if they are unable to make decisions for themselves due to injury or illness. If you've written a living will, it contains all of the information you'll need to put your affairs in order and gives your agent the authority to make decisions on your behalf.
A Living Will serve the following purposes:
- It allows you to have a say on what should happen to your body if you are unable to make decisions
- It lets you detail which treatments or procedures do or don't work for you
- You may provide instructions on what type of medical care you wish to receive and the level of intervention required.
Living wills are usually drafted when a person is healthy. It's difficult to plan ahead for medical treatment, but this document makes it possible. After you have a living will, you'll have piece of mind knowing that everything is being taken care of the way you want it to be taken care of. You'll need to get the original notarized to make it official because a living will isn't necessarily a legal document.
Your family will be able to make decisions for you if you do not take this step. Our estate planning and wills services are meant to protect you and your loved ones, so contact us today to learn more about how we can help.
Personal Directive
A personal directive is given when a person is unable to make decisions for themselves due to illness or injury. It outlines who should make decisions about your health and personal care on your behalf, as well as where you should live.
Your family can use the personal directive if you are unable to communicate to determine what decisions you would have made if you were still living. This document can be used to give a conservator authority over your affairs, which varies from a Power of Attorney in that this person will have complete power over your affairs.
A Personal Directive has two main parts:
- Part 1 - Who can act for me? This part of the document lists who can take over your affairs if you are unable to do so yourself. This may include your spouse, adult children, or other relatives.
- Part 2 - What can and cannot be done? This part of the document states what types of medical treatment you do and don't want to receive. It also outlines any particular treatments or procedures that work best for you, such as whether you would like CPR if your heart stops during a medical emergency.
Our lawyers at Laws & Beyond have been protecting our clients' interests for years. We'll help you find the right solution to meet your needs through all aspects of estate planning. Contact us today for a consultation!
Probate Of Wills
Probate of Wills is a legal procedure that occurs when someone passes away. When you have a legal will, the court and your administrator oversee the process and ensure that your assets are allocated to the people who are entitled to them. If a person dies without a Will, their heirs may be unable to receive their inheritance if obligations or taxes must be paid. This is why you should consult with a lawyer about how to safeguard your family in the event of your death.
When it comes to figuring out what will happen to your property and assets after you pass away, an estate administration lawyer can provide you peace of mind. A person who is 18 or older, of sound mind and not under any influence can make a valid will.
Any estate planning lawyer in Alberta must ensure that the following conditions are met:
- The will must be in writing (except when made by an officer in the military acting in the course of his/her duties)
- Signed by the testator (the person making the will)
- Signed by two witnesses, both of whom must be adults
- It must be signed within a reasonable amount of time after the testator has made it
- All assets specified in the will should have been legally transferred to the testator at some point before they made their will
We help Calgary families make Wills to ensure that their property is handled in the right way after they are gone. Our estate planning lawyers will guide you through the process of making a Will, ensuring that your assets are passed on to your family in an orderly manner.
Administration Of Estate
Without a Will, a person is deemed to have died "intestate," and their property must go through the estate administration process. Letters probate or letters of administration must be used to designate an estate administrator.
The administrator is in charge of collecting all of the deceased's assets, paying any outstanding taxes or obligations, and distributing the remaining assets according to the law. An administrator's job can be full-time, at least in the early phases of probate, when they must keep meticulous records of their work.
An estate administration lawyer will help you through the process of making a Will to prevent any complications with your loved ones.
Our estate planning lawyers are here to help you through all stages of your family transition.
Estate Planning For Transfers Of Assets During Life Or At Death
Estate planning for transfers of assets during life or at death can benefit you and your family in many ways. It is possible to set up an arrangement that offers protection, business continuity, tax savings and wealth transfer.
There are several different forms of estate planning, including:
- A trust that allows for the management or control of property by one person (the trustee) for the benefit of the beneficiary. A trust can be set up to hold assets during life or at death.
- A will which is a document that states who will receive your assets after you pass away. A will also names an executor who must carry out the instructions in your will.
- An asset protection plan that allows you to keep control of your assets while offering you peace of mind during life or at death.
Life insurance, securities, and real estate can all be used to transfer assets. It's critical to consult with one of our attorneys about how an asset transfer through one or more estate planning strategies can benefit you.
Revocable And Irrevocable Powers Of Attorney
Do you need to safeguard your interests in the event that you are unable to make decisions in the future? It's critical to have a plan in place for things like health care, finances, and final wishes. We can assist you with all of these issues using an estate planning service, including Powers of Attorney.
A Power of Attorney (sometimes known as an "attorney" or "proxy") is a legal document in which you authorize your attorney (or proxy) to make decisions on your behalf in areas such as health care and financial management. You can also give them authority over your belongings.
There are three main types of Powers of Attorney: revocable, general and irrevocable. Others are medical and financial powers of attorney.
a) Revocable Power of Attorney: A revocable power of attorney delegated authority to another person, but it can be revoked at any time by the person who drafted the document. This is most commonly used when a business deal is finished. However, the person who gives the Power of Attorney can still handle some aspects of the transaction. The main reason a Revocable Power of Attorney would be used in regards to financial matters is for taxes.
For example, if you have a business and hire an accountant, you may want to issue them with a Power of Attorney to file your taxes at the end of the year. A person will typically have a Revocable Power of Attorney for only one specific task or transaction. If you want to give someone else power over all your finances, then it would be more appropriate to issue them with a General Power of Attorney.
b) General Power of Attorney: A General Power of Attorney is much like a Revocable Power of Attorney in that it gives another person power over certain items, but the difference is that a General Power of Attorney does have an expiry date.
This type of Power of Attorney gives a person control over your financial decisions and all aspects related to your finances. This would be used instead of a Revocable Power of Attorney so that you don't have to go through the hassle of canceling this document continually.
The person who issues the Power of Attorney uses their signature and does so using words like “gives," "authorizes," or " transfers." Therefore, if the person whom you've given a General Power of Attorney retires, then you can stop them from handling your affairs. This way, you can then give a new General Power of Attorney to someone else who can handle your finances.
c) Irrevocable Power of Attorney: An irrevocable Power of Attorney is similar to a General Power of Attorney, except that once signed, it cannot be revoked unless the document specifies otherwise. This document does not need the person to whom you've given an irreversible Power of Attorney to sign it with terms like give, allows, or transfers.
An irrevocable Power of Attorney can be canceled if;
- There is no longer a need for the Attorney to act on your behalf,
- The person who issued the Power of Attorney is deceased, or
- The person who issued the Power of Attorney is declared mentally incompetent.
The major reason a person could seek to acquire an irrevocable Power of Attorney is to keep their affairs private from the rest of the world. You may rest assured that your personal information will not be exploited in this manner. This sort of Power of Attorney can also be used to appoint someone to act as your alternate attorney in your affairs if your primary attorney dies.
Because you don't have to sign new forms regularly providing them your financial authority, an irreversible Power of Attorney is also suited for business operations. If you're in the business of negotiating agreements, having an irreversible Power of Attorney may be beneficial.
d) Medical and Financial Powers of Attorney: Medical and Financial Powers of Attorney are like General and Irrevocable Powers of Attorney, but in these documents, you can give power over your health care decisions and financial affairs, respectively. A person who has been given an unlimited Power of Medical Treatment can make medical decisions for anyone who has assigned the document to them.
At Laws & Beyond, our lawyers will work with you to develop a plan based on your individual needs to help you get the most out of our estate planning services.
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