Judy-Ann Smith Law Firm, P.A
Estate planning makes sense for everyone, regardless of their financial wealth. An Estate Plan is a legal document that sets out, in detail, how you want your money and assets distributed after you die. Two cornerstones of a good estate plan are a Will and a Power of Attorney document.
The first and most important step in estate planning is a valid and up-to-date will. A will is a legal document that explains how you wish your assets to be dispersed after you die. (If you don’t have a will, the government will distribute your estate according to provincial law.) Update your will if you:
• change your marital status.
• change your occupation.
• have or adopt a child.
• start or close down a business.
• change your assets significantly.
Power of Attorney
Power of Attorney appoints someone to act on your behalf and manage your affairs – including financial dealings, health care and personal matters – if you are unable to do so.
Distributing Your Estate
Your estate includes everything – not just obvious properties, such as a home. You will need to get a full and detailed assessment of all of your assets – including property you might own with other people. You will have to name heirs, including any charities you wish to support.
Seek Judy-Ann Smith Law Firm, P.A to prevent unnecessary taxation, and to avoid immediate and unexpected cost burdens (e.g. funeral expenses and legal fees to settle your estate) for your heirs.