WILLS AND POA

 

WILLS AND POA

 

A will is a legal document that will help you to determine how your assets are distributed and who will take care of your children after your death. These decisions cannot be taken by you.

A will can be drawn easily and quickly by a lawyer at predetermined expense.

Common things to keep in mind while preparing a will are:

• Put someone to execute your estate.
• Name a guardian for your children below 18 years of age.
• Clearly state your specific desires how to distribute your wealth among your loved ones or any organizations you wish to support.
• Once you have a will, always update it whenever there is significant changes in your family's circumstances like birth, death or marriage etc.

Major benefits of Will are:

1. It allows you to refuse the kind of treatment you do not want from your family members.
2. It authorizes treatments you may want from your family members.
3. You know the outcome in advance after your death.
4. A living will helps in preventing arguments among family members.
5. A living will facilitates you family to take decisions for you.
6. A living will allows you to be in control of the decisions made instead of your doctor.
7. A living will can remove financial burden for your family.

Power of Attorney (POA) is a legal document where you designate someone else to manage your affairs in your absence due to your illness or going abroad for longer period.

In other words, it is a written authorization to represent or act on another's behalf in private affairs, business or some other legal matter.

Power of Attorney can be categorized as under:

General Power of Attorney: The person you choose can manage your financial affairs when you are not available to do it as long as you are mentally capable. Once you become available, this General POA is cancelled.

Continuing Power of Attorney: The different between General POA and continuing POA is that this POA is not cancelled even if you become out of action.

Springing long-term Power of Attorney: It comes into effect only when you are declared out of action and protects you against someone who is trying to act on your behalf even when you are capable enough to do so.

Specific Power of Attorney: The person designated by you can manage your financial affairs for particular purposes such as handling a home sale or for a limited time.

Benefits of POA are:

• Creating is Power of Attorney is inexpensive.
• You can decide who should make decisions on your behalf.
• You can control whether the agent has general or specific power.
• The document can ask the agent to become bounded or to give an account of his or her transactions

 

The Toronto insurance company Canada Insurance Coverage can help you when it comes to Wills and Power of Attorney.

 

Retirement Planning

Education Planning

Estate Planning

Tax Planning

 

Just call on 1.855.846.2524 and get best policies for you and your family.Just call on 1.855.846.2524 and get best policies for you and your family. you can email us on info@canadainsurancecoverage.ca

 

 

 

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