The Importance of Having a Will and a Power of Attorney
A legal will is a document which comes into effect upon your death. It details all and any of your wishes and directives regarding possessions and assets. Most importantly, if you have children, a will ensures that your children go to the guardian you have picked out for them.
A power of attorney, on the other hand, takes effect if you become seriously ill or injured and unable to make decisions regarding your property and personal care. A power of attorney appoints one or more people to make decisions on your behalf.
Though used in different situations, wills and powers of attorney both ensure that you have a say in matters regarding yourself, your children, and your estate no matter what happens.
Why You Need a Will
Not having a will means that your assets will likely not be distributed how you would have preferred. Even worse, your children may end up in a living situation which you would not have chosen. Leaving your family and loved ones behind without a clear will can cause them stress, and may even lead to conflict.
It is crucial that you speak to lawyers in Winnipeg regarding your will if you have minor children or grandchildren, both for purposes of guardianship and for protecting their assets until they reach a certain age. You should also seek advice if you have a large estate or are separated from a spouse.
Why You Need a Power of Attorney
For some people, having a power of attorney may be even more important than having a will. If you do not have a power of attorney and become too physically or mentally incapacitated to make decisions regarding your care and your property, then that power may end up going to the Public Guardian and Trustee.
Not only does this mean that you may receive care that you would not have agreed with, but it can also cut your loved ones out of the decision-making process. Gaining the power to make decisions on your behalf can cost your loved ones a lot of time and money.
Important Family Law Services in Winnipeg
As you can see, having a will and a power of attorney should not be considered optional. By taking the time to set up these two crucial documents, you will be helping to reduce the potential burden on your loved ones. At Cassidy Ramsay our experienced Winnipeg lawyers can provide you with services regarding wills and estates in Winnipeg, including powers of attorney.