If your approach to estate planning is “out of sight, out of mind,” you’re not alone.
With many moving parts, it’s not uncommon to feel overwhelmed and uncertain with where to start. But, just because you don’t know how to take those first steps, it doesn’t mean you shouldn’t.
“Estate planning involves the preparation of a Will, a power of attorney and a representation agreement,” explains Janice Papp, associate at CBM Lawyers.
While a Will is like a map of your wishes for those you leave behind, a power of attorney is a document used to name a person or persons to act on your behalf for financial and legal matters when you’re unable to. A representation agreement is a document where you name a person or persons to make your health care decisions when you’re unfit to.
Why prepare a Will?
Whether young or old, if you have any type of asset or have children, you need a Will. In preparing one, you’re making the decision of how your assets will be distributed and who will care for your minor children – not something you want to leave to the legislation or the courts to decide.
A Will also offers family members peace of mind – it ensures that what’s happening with your assets is exactly what you want, removing the stress from loved ones in an already difficult time.
The misconception that assets are automatically granted to spouses and children further establishes the need for a Will. While this may be true in some instances, the legislation is clear on how assets are distributed when someone passes without a Will. In many cases, the spouse does not receive as much as the deceased might have intended, which could result in costly applications to the Court to seek more.
How to prepare a Will?
To prepare a Will, talk to a lawyer!
The hardworking lawyers and extended team at CBM Lawyers have been serving the Fraser Valley for 40 years. Backed by values of dedication, commitment and integrity, they’ve earned their well-deserved reputation as your community law firm.
“I personally have over 32 years of experience in Estate Planning, and I do my best to make each client not only comfortable, but confident in their plans. I try to keep things straightforward and easy-to-follow to avoid confusion and possible litigation. I know planning a Will can be daunting, so I really try to make the appointments as stress-free as possible,” Papp explains.
Having a will prepared is an investment in your family and should never be overlooked. It’s a crucial component to ensuring your assets are distributed how you want and your children are cared for.