 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Archive for the ‘Power of Attorney for Property’ CategoryUncle Sam and YouMonday, December 5th, 2011In honour of the recent US holiday weekend, I thought I would focus on some estate planning topics south of the border for the next couple of blogs. Are you or someone you know:
For all of these situations, there are estate planning considerations of particular importance to ensure that your legal obligations are met. (more…)  “Show Me Your Power of Attorney for Property”Wednesday, September 7th, 2011Although some of us may be desperately trying to hold on to summer, fall is undoubtedly in the air. For some reason, fall always seems like the right time to get things in order, maybe even more so than the beginning of a new year. One thing you will want to ensure you have in order is your Power of Attorney for Property (“POA PPY”). If you become incapable or unable to take care of your financial affairs and do not have a valid POA PPY, you may create a very difficult situation for your loved ones. Everyone, regardless of the amount or kind of assets they have, should have a POA PPY. Don’t be confused by the use of the word ‘attorney’ – in Ontario, ‘attorney’ means ‘substitute decision-maker’ and not a lawyer like it does in the U.S. (more…) A Primer on Estate PlanningSunday, November 28th, 2010Invariably, when people hear that I work in wills and estates, the immediate response is, “Oh, I really should get my Will done!” Sound familiar? Adults often become blasé or unwilling, for a variety of reasons, to ensure that they have up-to-date wills and powers of attorney. In this and my next blog, I hope to motivate and encourage you to ensure you’ve done your estate planning and have these documents in place. Having these important documents in place is really about making it easier for those we love. Naturally, most of us would never intentionally cause undue stress for our families. (more…) What is the Effect of Divorce on an Estate and on Powers of Attorney?Wednesday, August 25th, 2010Generally a divorced ex-spouse does not inherit via the Will of a deceased ex-spouse nor under intestacy laws. Any mention of a surviving spouse in a Will which was signed before the date of the divorce is treated as though the surviving ex-spouse had died first. This has the effect of cutting out the surviving ex-spouse. A divorced spouse appointed as an Executor by a Will dated before the divorce is legally not allowed to act as Executor. If a Will was signed after the date of the divorce, any provision for an ex-spouse is valid including the appointment of the former spouse as an Executor. (more…) What is the Effect of Marriage on a Will and Powers of Attorney?Wednesday, August 11th, 2010If you marry after signing a Will and if there is no mention in your Will that you were ‘contemplating marriage’ to your new spouse, your Will is effectively revoked by your marriage. The new spouse has the option to allow the Will to stand but this is rarely to the advantage of the new spouse. If you intend to marry or re-marry, you should review and possibly re-sign your Will with a special ‘in contemplation’ clause to ensure that your Will remains valid. Re-marriage generally has no effect on an existing Power of Attorney document in which you appointed a former spouse (married or common law) as your substitute decision-maker. If you do not wish a former spouse to act under an existing Power of Attorney, revoke the document in writing or sign new documents which appoint someone else and, at the same time, revoke the previous documents. You must also notify any institutions, financial planners, and other professionals that you have revoked or signed a new Power of Attorney document. What Happens to Daisy? – Part 1Friday, July 9th, 2010Many of us consider our pets to be beloved family members. It is important to plan appropriately for our pets in the event of our mental incapacity or death. The next couple of blogs will explore some of the issues that should be considered. Immediate Care after Incapacity/Death Every pet owner should ask a trusted friend or family member to be the emergency contact to feed and care for a pet in the event of the owner’s sudden incapacity or death. (more…) Power of Attorney for Property: The BasicsSunday, May 16th, 2010Ensuring you have a valid, up-to-date Power of Attorney for Property (POA PPY) is an important part of your estate planning. In a POA PPY, you, the ‘grantor’, name someone as your ‘Attorney’ or ‘substitute decision-maker’ who will make decisions for you if you are unable to do so. You can name one or more people or a trust company to act on your behalf. With the document in hand, they can deal with your property and financial affairs. (more…) |