Estate planning is not only about transferring your assets to your selected beneficiaries. It is also about protecting yourself in the event of future illness and/or mental incapacity. At Advocai LLP, we can assist with Powers of Attorney, Wills and Trusts.
It is important to understand the difference between Powers of Attorney and a Will. A Power of Attorney, unlike a Will, can take effect during one’s lifetime. A Will only takes effect on one’s death.
There are two types of Powers of Attorney in Ontario:
A Power of Attorney for Personal Care (POAPC) allows you to appoint someone you trust to make decisions about your health care, nutrition, shelter, clothing, hygiene or safety in the event that you become mentally incapable. You can also include your instructions with respect to your medical care in your POAPC (this is sometimes referred to as ‘Advance Care Planning’).
A Continuing Power of Attorney for Property (CPOAP) allows you to designate someone you trust to manage your property and it is effective upon signing, unless it includes a condition as to when it takes effect.
First, we will need to get a complete understanding of your assets, goals and objectives.
Second, we will walk you through different options while ensuring that you understand the plan. We like to make the process visual for our clients, rather than using a bunch of legal jargon.
What we can do for you
Our goal is to put together an estate plan that meets your goals and mitigates the risk of future litigation against your estate. We can provide you with advice on:
- Probate minimization
- Selecting an executor
- Planning for beneficiaries with special needs
- Creating trusts
- Business succession planning
Ready to find out more?
Contact us for more information about our services and to discuss your claim.