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Introducing a new bi-weekly legal column by Wes Forgione, attorney and partner at Kelowna law firm Montgomery Miles and Stone. His columns focus on his practice areas such as property planning, real estate, corporate law and commercial law.
Most people put off real estate planning for long periods of time thinking it would give them a headache, but this unresolved issue sometimes bothers them.
Clients say it’s nagging while driving, showering, or running various errands during the day. People often report worrying that their surviving family members will be left in disarray or will not inherit as they wished.
Real estate planning is one of my favorite areas because it gives me peace of mind. I end mental nagging. Here are some examples my clients report:
1) Peace of mind with inheritance as desired by spouse and children, not legal inheritance
2) A sense of security that my family will take care of me even if I have a disability
3) Even if their parents die, young children feel safe because they have guardians.
The first document in a complete estate plan is the will. A will is a legal document that is in effect at the time of your death, naming an executor, describing how you want your estate to be distributed, and ancillary matters such as custody of your children and whether you want them buried or cremated. I can handle the problem.
If you own a company and want to avoid probate and probate tax for your loved ones, make two wills, one for your stock and everything else is needed. People often ask me if I should “do it myself”. I always recommend doing it from an online website, but I can’t guarantee that the will will be valid when they die, or that there won’t be any problems when lawyers try to get probate. .
In my opinion, individuals spend their entire lives building wealth. That is why they need to hire professionals to ensure that their wealth is passed on to their families without any problems.
The second document in the complete estate plan is the Power of Attorney, which grants the individual authority over adult finances. Unlike wills that apply only when you are dead, power attorneys apply while you are alive, but can be incapacitated.
For example, if you were incapacitated, your spouse would not have the authority to sell and care for your home or access your bank accounts and investments unless they were jointly owned. It is important not to procrastinate because an incapacitated person will not be able to complete these documents.
I’ve dealt with many issues like car accidents, strokes, dementia, etc. when people wait and something happens.
The third document in the complete estate plan is a representative agreement that gives individuals authority over adult health decisions. Like a power of attorney, it applies only while you are alive and incapacitated. The document also includes a so-called “pull-the-plug clause” that allows doctors to remove you from life support if there is no hope of recovery. Otherwise, they’ll have to keep you alive in a vegetative state.
If you have any questions, feel free to call us at 250-980-3360, extension 398, or email us. [email protected].
The information provided in this article does not and is not intended to constitute legal advice. All information and content are for general informational purposes only.
This article was written by or on behalf of an outsourced columnist and does not necessarily reflect Castanet’s views.
