Preparing a will is the best way to ensure that your family is protected and your property is distributed the way you had intended after you pass. The more complicated your estate is, the more important it is to have a will tailored to your unique circumstances. Even in the case of simple estates, passing without a will can entail additional court procedures and other administrative complications for your heirs. The time and expense involved with these additional steps can easily exceed those involved with having a proper will drawn up in the first place.
It is also highly recommended that you have a lawyer draw up your will to ensure that your wishes are given the proper legal effect, and to ensure that all of the formal requirements for making a valid will are met.
In addition to a will, there are four documents that you may wish to consider when planning for your future: an enduring power of attorney, a section 7 representation agreement, a section 9 representation agreement and an advance directive.
An enduring power of attorney allows you to appoint a person to handle your financial and legal affairs in the event you are to become mentally incapable of doing so yourself.
A section 7 representation agreement allows you to name a representative to make decisions about the routine management of your financial affairs, your personal care, and some health care treatment decisions. It does not allow your representative to make health care treatment decisions for you that involve refusing life support or life-prolonging medical interventions.
A section 9 representation agreement allows you to name a representative to make decisions about personal care and health care treatments, including decisions about accepting or refusing life support and life-prolonging medical interventions. A representative named in a section 9 representation agreement may not make decisions about your financial matters.
An advance directive allows you to clearly state your decisions about accepting or refusing health care treatments, including life support and life prolonging medical interventions, and provides those instructions and decisions directly to health care providers. An advance directive must be followed as long as it addresses the health care treatment you need at the time. If you have both a representation agreement and an advance directive, you can stipulate that your advance directive be followed by your health care provider without your representative being asked for a decision.
If you would like to discuss your estate planning needs, give Muirhead Law a call. Mark can help give you peace of mind.