Whatever assets that you build up during your life, it is important that you protect them and ensure that they end up in safe and trustworthy hands. The best way to do this is to write a will and ensure that it stays updated. While it is not the most enjoyable task in life, writing a will is essential. At Grover Law Firm, our team of will lawyers near you is happy to assist you in ensuring that you cover all your bases.
Power of Attorney vs. Will
A power of attorney grants another person the right to make choices for you if you become either physically or mentally unable to act for yourself. There are two kinds of power of attorney. One is for your personal care and health-related choices, while the other is for your property. On the other hand, a will sets out your wishes for your estate when you pass away and can also include instructions for child care and support.
If you don’t have a will, you must speak to a wills and estates lawyer in Calgary to get one made. If you don’t have a will, the law will determine who will manage your estate and receive it, and you and your family will not have a say.
What Happens to Your Belongings After You Die?
The person named to manage your estate is known as the executor. The executor is responsible for all the affairs of your estate after your death, including who gets what and ensuring that your debts are paid. People often name their spouse an executor and list a family member as a backup executor. With the help of an estate litigation lawyer in Calgary, you can name more than one person as your executor.
What Can Cause Complications With a Will?
Wills can be simple or complex, depending on your life. If you are a business owner or own shares of many corporations, you will need extra support from real estate litigators near you to ensure you have covered all your bases. Additionally, family scenarios such as blended families and second marriages also require extra attention and detail.
What Do You Own?
Surprisingly, our personal injury lawyer in Calgary finds that a lot of the time, people do not always own what they believe they own. For example, you may have sold a property or transferred some business a few years ago, but this is important because when you give assets away, you have to make sure that you actually own them. There are many ways you can hold assets, such as:
The beneficiary designation: you name the persons you want your asset to go to when you die. This is used for retirement plans and life insurance policies.
Tenants-in-common: in this case, you own a part of your asset with someone else, but you can leave your portion with whoever you choose.
Jointly with right of survivorship: in this scenario, you own something, such as a house, with someone else. When you pass away, the other individual automatically becomes the full owner of the property or asset.
The process of creating a will can seem daunting, unpleasant, and complicated, but our team of estate and personal injury lawyers near you are happy to assist you and make this process as smooth and uncomplicated as possible. Would you please not hesitate to get in touch with our dedicated lawyers at Grover Law Firm today?