A will is probably the most important document a person can execute in their lifetime. Simply put, a will declares your wishes for your possessions after you pass. Everyone should consider speaking with an attorney to start the process of estate planning. A person who dies without a will (intestate) opens an estate to the arbitrary mechanism of an Alberta court as it allocates possessions. In addition, dying intestate opens one's family up to the uncertainty of the courts and the possibility of infighting. With a will, you can pass almost anything to a beneficiary, from small tokens of personality to significant assets.
Power of Attorneys
Planning for one's future does not stop at drafting wills and trusts. A Durable Power of Attorney is an important estate planning tool that everyone should consider. Unfortunately, there are times when a person can no longer make decisions for themselves due to a tragic accident, medical conditions, and even the aging process itself. In many of these instances, the ability to care for oneself and affairs can be gone in an instant. A Power of Attorney provides a chosen person the authority to act in one's stead when he or she is incapacitated and cannot adequately communicate.
There are two types of Power of Attorneys:
A personal directive can be described as a living that allows you to appoint someone to make health care decisions if you are alive, but unable to do so. In many situations, a Power of Attorney and Personal Directive can be more important than a Will.
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