Estate Planning
Wills and Powers of Attorney
Good estate planning will help avoid lengthy delays and costs in probate and asset transfers and expensive legal fees arising from vague and confusing wills.
By making a Will, you can choose your own beneficiaries. You can establish trusts and determine at what age your beneficiaries will receive their inheritance. A Will may also provide opportunities to save or defer tax when you die and allow your beneficiaries to save tax on their inheritance.
Wills can be used to provide for complex family arrangements, such as including children from previous marriages or giving a second spouse the right to occupy the family home, while protecting the capital of the estate for the children from an earlier marriage.
Powers of Attorney
There are two types of Power of Attorney. A Power of Attorney for Personal Care gives your "attorney(s)" the right to make decisions about your health care and other decisions about your personal life if you become mentally incapable of making these decisions. A Power of Attorney for Property gives your "attorney(s)" the right to make decisions about your financial affairs.
If you do not have a Power of Attorney and something happens to you, other arrangements will have to be made which may result in delays and additional expenses.