You can write your will and powers of attorney (POAs) once you reach the age of majority. These are a some of the most important legal documents that you can prepare. They provide clarity and direction for the distribution of assets and substitute decision-making authority in the event of incapacity or death. While many people think of creating a will and POAs is a task reserved for the elderly or the wealthy, the reality is that anyone who has assets or wishes to have a plan for their medical care should prioritize drafting these documents.
Writing a Will
A will is a legal document that outlines your wishes for the distribution of your assets after death. No matter how small or large your assets are, you should write a will. The document allows you to determine how your assets will be distributed, who will be responsible for carrying out your wishes, and who will become the legal guardian of any minor children.
Circumstances of when you should consider writing your will include:
Asset ownership: If you own any property, such as a house, car, or valuable items, it is essential to have a will. Without a will, the distribution of assets will be determined by provincial law and may not align with your wishes.
Dependents: If you have children or other dependents, a will can ensure that they are provided for after your death. You can name a guardian to take care of your children and set up a trust to manage any assets left to them.
Blended families: If you are part of a blended family, a will can help prevent disputes between your current and former spouses and ensure that your assets are distributed as you wish.
Specific bequests: If you have specific wishes for how your assets should be distributed (such as leaving a family heirloom to a specific person), a will can help ensure that those wishes are carried out.
Writing Powers of Attorney
A POA is a legal document that gives someone else the authority to act on your behalf in certain situations. That is, a POA for personal care appoints an individual to make medical decisions on your behalf if you are unable to do so yourself. A POA for personal property appoints an individual to make financial decisions on your behalf, such as paying bills or managing investments.
It is important to put POAs into place once you meet the age of majority, as the POAs may be needed in the following circumstances:
If you have a chronic illness, that could affect your ability to make decisions in the future.
If an unexpected incident/accident occurs, you could be rendered incapacitated.
If you are planning for the future, such as going on an extended trip, you may want to consider writing POAs. This ensures that someone you trust can make decisions on your behalf if you are unable to do so.
If you have elderly parents, you may want to ensure they have POAs in place.
If you become incapacitated and do not have a POA in place, the court may need to appoint a guardian to make decisions on your behalf. This can be a lengthy and expensive process that can be easily avoided.
In conclusion, it is never too early to consider writing a will and POAs. These legal documents will make your loved ones lives easier when the time arises that they are needed. Contact a lawyer at Scott Law Group today to discuss drafting your will and POAs.