Why We Need a Will and a Power Of Attorney

When considering preparing a will or a power of attorney, you should consider the many benefits of having both documents. This article will outline the benefits and the different types of these documents and provide tips on drafting a will and selecting a power of attorney. Read on to learn more!

What is a Will and a Power of Attorney? Why You Need Both

Benefits of a Will & POA

If you're concerned about your financial situation, the benefits of a will and power of attorney can ease your worries. These legal documents enable trusted family members to manage your finances and handle emergencies. In addition, they reduce the burden on your family. With these documents, your loved ones can still handle basic tasks, like writing checks and setting up home health care. While you're still living, you'll be able to protect your interests.

A durable power of attorney will eliminate ambiguity about your finances and medical care. A properly drafted document will prevent family disputes regarding finances or medical treatment. With a power of attorney, most of these disputes can be avoided. When a person becomes mentally or severely physically incapacitated, they won't be able to make important decisions for themselves and will require assistance. In addition to making the decision-making process easier, a durable power of attorney protects your family members from arbitrary decisions.

Types of Wills & Powers of Attorney

Wills and powers of attorney are important tools for estate planning. They name an individual to handle your affairs after you die, such as distributing your assets and appointing an executor. Power of attorney documents, on the other hand, designate someone to make healthcare decisions for you in the event of your incapacity. Both documents are important but choosing the right one is crucial. Understanding the differences between the two can help you choose the right one for your needs, or combine them for maximum benefit to your and your loved ones in the event of a tragedy.

A will is a legal document that directs the distribution of your property after your death. It can be simple or complex, depending on the size of your estate. A simple will may be enough, or it can be complicated, so make sure you seek legal advice. In the case of a financial asset, a will might be more involved than a power of attorney. When it comes to guardians, you can name multiple guardians.

Drafting A Will

A will is an important legal document that specifies the distribution of your assets after you die. You can identify specific assets to be left to a particular foundation or organization or designate an individual as the executor of your estate. You can also name a guardian for minor children and designate a person to handle your finances while you're gone. The most important part of drafting a will is that all stipulations are clearly defined and that the document is signed legally. It helps minimize probate costs, eliminates a burden on family, and ensures that your wishes are followed in your estate. Moreover, it will help avoid any time delays or financial costs associated with a probate proceeding.

Whether you use a legal professional or a fill-in-the-blank document, make sure to have it notarized and officially witnessed by two trusted individuals. While "fill-in" wills are easy to use and cheap, they have numerous flaws, with potential inaccuracies and errors that may prevent your will from being legally valid. The province you live in also has its own set of laws regarding executing a will. When drafting your will, working with a legal professional will ensure its validity.

Choosing A Power of Attorney

Choosing a power of attorney is difficult and should be done only after you fully consider the individual's skills and communication style. Ultimately, they will be responsible for making important decisions on your behalf. Choosing someone trustworthy who will uphold your wishes is essential, as they will make decisions that directly impact your life and that of your family. While it is important to select someone whom you trust and respect, it is equally important to consider whether or not they can carry out your wishes.

Choosing a POA is an important step in establishing a trusting relationship with your family and friends. While a POA can be a close friend or family member, you must be sure they can handle important decisions for you. You can choose someone close to your heart, such as a child or spouse, but it is still important to make sure you trust them with the most important decisions of your life. A power of attorney is not a permanent arrangement. You can specify a specific date in the POA to make it more flexible.

About the Writer

Daniel Watts graduated from Wilfrid Laurier University with a Bachelor of Arts in English & Literature. He has written professionally for over seven years, helping numerous small and medium-sized businesses establish a strong online brand presence from the ground up.

With a proven track record curating keyword-optimized blogs, website content, social media, and pay-per-click advertisements, Daniel is also well-versed in Website Design, HTML & CSS, Search Engine Optimization and WordPress Development.

Daniel currently works as a Project Manager of Content at a leading Toronto digital marketing agency. His responsibilities include carefully managing written content and helping to facilitate projects at optimal quality. He also helps write content for client websites, quality checks each website, and oversees the editing, approval and posting process for all keyword-optimized content.

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