What Is An Estate Plan?
An estate plan is created to determine what will happen to your property should you die or become incapable of handling your affairs. It can also deal with health care decisions should you not be capable of making those decisions yourself.
It is meant to ensure that your assets are distributed according to your wishes, and that your loved ones are provided for. It also makes the process much easier for those you leave behind. While much of this is taken care of in a will, there are many factors involved in a complete estate plan.
Among others, an estate plan can provide answers to these important questions:
- What happens to your property after you die?
- Who will care for your children if you are unable to?
- Who will manage your financial affairs if you become incapable? and
- Who will be in charge of your personal care and health care, if you become incapable?
An estate plan gives you the comfort of knowing that your loved ones will be cared for after you die, and that you will be taken care of, should you ever be unable to care for yourself.
What Are Some Of The More Common Documents In An Estate Plan?
Some of the more common documents used in an estate plan are:
A will , which states who you would like to manage your estate and how you want to distribute your assets after you die. A will is a personal document that varies based on your wishes. Your will might also include funeral wishes, such as whether you want to buried or cremated, appointment of a guardian for your children, or trusts for children or someone else you want to provide for.
A power of attorney, which appoints someone to manage your financial affairs in case you become incapable of handling them yourself.
A representation agreement, which appoints a representative to be in charge of your personal care and health care, in case you become incapable. This can vary from health care decisions, such as whether or not to receive medical treatment, to personal decisions, such as where you live.
A medical directive, which states your health care wishes, should you ever be in a situation where you are incapable of deciding for yourself.
Why Choose M.J. O’Nions Lawyer & Mediator For My Estate Plan?
We understand that dealing with the incapacity or death of yourself or a loved one can be difficult. We are here to walk you through the estate planning process, and make it as easy and as cost-effective for you as possible. We want you to have the peace of mind that comes from knowing that you and your loved ones will be provided for. Please give us a call for a free, no-obligation, telephone consultation. It would be a privilege to be of service to you.
What is a Will & Estate Plan?
A Will & Estate plan is created to determine what will happen to your property should you die or become incapable of handling your affairs. It can also deal with health care decisions should you not be capable of making those decisions yourself.
Why is a Will & Estate Plan Important?
A Will & Estate plan should be created by all Canadians to ensure, among other things, that:
- Your property is distributed as you desire on your death.
- Your family has the ability to be financially sound when you die.
- Tax strategies have been employed to minimize estate related taxes.
- You have appointed an Executor to administer your estate, saving the cost of having a family member make an application to court to be appointed administrator of your estate.
- You have given the executor sufficient authority and flexibility to administer your estate according to your wishes.
- If you have a business, the business will go to the persons you designate and how you wish the business to be dealt with.
- If you have children, you can specify who will be the guardian of your children.
- You have provided for the long-term financial security of a dependent child or family member.
- You have appointed a person to be in charge of administering the financial resources on behalf of your dependent children or family members and on what terms.
- If you become incapable of handling your affairs you have chosen who will be the person appointed to act on your behalf.
- Should medical decisions need to be made and you are unable to make those decisions, you have appointed someone to make those decisions on your behalf.
- If you would like certain medical procedures or would not like a medical procedure and you are not capable of expressing your wishes, you have expressed your wishes in advance.
What types of Wills & Estate planning tools can M.J. O’Nions Lawyers & Mediators help me with?
At M.J. O’Nions Lawyers & Mediators we have the expertise to help you develop a comprehensive estate plan that meets your goals and objectives. We do this by employing some of the following tools:
What are the costs of Developing a Will & Estate Plan?
The cost of developing a Will & Estate Plan is dependent on the personal requirements of each client. Our fees are usually based on an hourly rate. However, should you complete our Intake Form for Wills & Estates, you can save us time which translates to substantial savings for you. For example, the fee for a Will & Estate package which includes a Will, Advanced Health Care Directive, Representation Agreement and Enduring Power of Attorney is only $995 for all documents, plus applicable taxes. For couples with similar documentation, the fee for two Wills, two Advanced Health Care Directives, two Representation Agreements, and two Enduring Powers of Attorney is only $1295 plus applicable taxes. Our hourly rate is normally $295 per hour plus applicable taxes. We do not charge for such things as photocopying, faxing, secretarial services, and long distance telephone calls, which can save you hundreds of dollars more.
Why use M.J. O’Nions Lawyers & Mediators for Developing my Will & Estate Plan?
We have the expertise and experience to develop a comprehensive Wills & Estate plan that meets with your goals and objectives. We have the knowledge in drafting Wills, Powers of Attorney, Representation Agreements, Advance Medical Directives and Trusts. We will do this in a cost-effective manner while providing high quality professional service. We understand your needs and we are here to help. Just give us a call at 604-449-7779 for a free telephone consultation so we can be of assistance.
How do I Start the process of creating my Wills & Estate Plan?
To learn more see our blog on The New Wills Estates & Succession Act “WESA,” and what it means for British Columbians.