WILLS, POWERS OF ATTORNEY, & REPRESENTATION AGREEMENTS

Most everyone knows that a Will is important.  You may already be part of the forward-thinking British Columbians who currently have a Will.  You understand that without a proper Will, your estate and personal articles you hold dear may end up in the hands of beneficiaries that you do not want, not to mention the extra expense in legal fees and court costs required to sort things out!

However, you also need to plan for more than just your death.  Planning for the risk of incapability is essential.  So in addition to a Will, you should have a Power of Attorney document and a Representation Agreement.  Powers of Attorney are critically important to ensure someone you know and trust will manage your financial and legal affairs in the event you can no longer act for yourself.  Also, powerful legislation has been in place since 2011 for Representation Agreements so someone you trust can act on your behalf for not only a broad range of medical decisions,  including end of life, but also for decisions about your personal care, such as your daily routine, where you are going to live and who you are going to live with, among a myriad of other personal care issues.  The 2011 legislation also considers those already suffering from declining capacity, so in the very least trusted individuals can be appointed  to handle routine financial affairs and more limited personal and medical care decisions.

There can be tremendous stress and additional expense on family members from the turmoil that results from the lack of preparedness, including having the Public Guardian and Trustee taking over your care and or managing your affairs and estate.  Preplanning for your loved ones is priceless.  

REASONS TO MAKE YOUR PERSONAL PLANNING DOCUMENTS

Personal planning is very inexpensive compared to the huge costs, burden and possible trauma placed upon your family members when you do not have your documents in place.  For example, if you die with no Will, here are some frightening consequences:

1.  The government will then make decisions about who will receive your estate and if no heirs can be found, the government then has the right to all of your assets;

2.  Your estate could end up in the hands of relatives that you never intended;

3.  No Will means that no Executor has been appointed and therefore someone would have to apply to a court of law to become your administrator.  This process causes huge expenses and lengthy delays;

4.  The government would determine who would become the guardian of your minor children if there was no remaining parent to act as guardian and the person chosen may not reflect your choice;

5.  Your administrator could be forced to liquidate your assets and this could sadly result in the loss of family heirlooms due to forced sale.