Financial Power Of Attorney | Vaughan Ontario
Are you looking for an estate lawyer that can do a will and testament in Vaughan? Or maybe you need an estate plan in Vaughan, Ontario? Contact us today at 1-844-466-6529 and we can connect you to the best estate lawyer in Vaughan!
What Is A Will? | Will And Testament Vaughan
A will is a set of instructions on what you want to happen to your assets and debts when you die. Do you want to leave all your assets to charity or your children? Do you want to leave it to one kid, and leave out the other child? Is it true that you want 80% of it to go to your children and 20% to your children?
If you need a will, our best estate lawyers in Vaughan can assist you. Are you able to create your own will? Of course you can. You can also build your own house if you spend months or years learning how to do it. For most people, it’s easier to pay an estate lawyer $350-400 to create a professional will for them.
The will shall provide instructions on what will happen to your property, debts, and assets when you die. You can leave property to your family, friends, or to a charity. If someone has a successful business, they can leave the business to someone. Or, they can have the business sold, and the financial proceeds distributed to the person or group in their will.
Probate lawyers will manage the distribution of the assets and the instructions in the will.
It can be stressful going to a probate lawyers’ office to get the will read out to you. Below is the will reading scene from the movie “Knives Out.” Of course, a probate lawyer would not say “yadda yadda yadda.” It shows how emotional estate law can be.
If proper estate planning is not done, it can lead to estate battles between your family, friends, and even charities. For most people, the last thing they want to leave behind is a bunch of lawsuits and drama.
Financial Power Of Attorney | Vaughan Ontario
Sometimes a financial power of attorney is called a durable power of attorney (POA). You sign a piece of paper ( the POA), and you give it to your agent. You are giving them the authority to make decisions if you cannot. They can sign your name to file a lawsuit, sell your property, or take on debt. It depends on the powers that you gave the POA.
If you become mentally disabled, which means you cannot make decisions for yourself, someone else can make the decisions for you. Maybe you get dementia, Alzheimer’s, or you get hit by a car. These things happen. If no one has the power of attorney, they have to go to court to get guardianship. That means far more complex and expensive. This is why POA is part of important estate planning.
You need to make sure that you trust the person you are giving financial power of attorney to. If the POA acts inappropriately, someone can file a lawsuit or action against them. But again, going to court is very expensive and time-consuming. Also, some people are not competent enough, or even willing, to take on the responsibility of being a power of attorney.
Get Legal Advice From An Estate Lawyer
There are two kinds of power of attorney…
- The medical power of attorney
- A financial power of attorney
If your parents are getting older, it’s important they speak to a lawyer about power of attorney. Further, the last thing you want to happen is for a guardianship battle to happen while your loved one has medical problems.
Most people are comfortable giving away medical power of attorney. A financial power of attorney is far more difficult for some to give away. Also, we have seen many people abuse their rights as a power of attorney for their own financial gain. It’s sad, and it happens all the time.
Estate Lawyer Pricing | Will And Testament Vaughan
There is all kinds of different pricing for estate lawyers. Below are a few different options that Vaughan lawyers offer:
- In Vaughan, the fees might be $250 for the first $50,000 of your assets and $20 for each additional $1,000 on the rest
- If you are doing estate planning, it’s a normally flat fee. Also, most wills can be done for $350-400.
You will need to speak to the lawyer about pricing and the process prior to signing their letter of engagement. Make sure it is clear how much you are going to pay. Never have a lawyer do anything before you sign an engagement letter.
We have top Vaughan lawyers that can do the following:
- Provide you legal advice for wills and estate
- Creating a power of attorney document
- Managing probate
- Helping you with financial planning
- Creating a will for you
Dealing with estate planning is like paying your taxes, no one wants to do it. But it’s one of the things in life you must deal with. Further, when the time comes, you will also have to deal with probate (or someone will.) These matters are extremely complex and require a skilled Vaughan estate lawyer to help.
Will And Testament Vaughan | Can You Leave The Will With The Lawyer?
It’s a complex topic with no easy answer. Once you sign a will, it needs to go somewhere. Also, when you die, the will needs to be somewhere obvious so it can be found easily. Your executor will need the original copy of the document. Further, there will need to be a seal or stamp on it. Some people keep it where they live and some leave it with their lawyer.
You need to keep in mind that you might not die for 30 years. Make sure the place you left the will shall be safe and available in 30 years. If your lawyer retires in 10 years, they will not be available to probate your will. Therefore, when doing estate planning, you need to have a long term plan.
If you want to watch videos about how to appoint a guardian, click here.
Read more about how to create a legal document: