We are more than a week into 2020, and along with all the resolutions we make and forget to put into action, getting your Will done is not something that should be put off. To help cross preparing your Will off your list of resolutions, we have put together a short guide answering some of the most common questions we get about estate planning along with details about our New Year’s promotion.
What is Estate Planning?
An estate plan is often made up of legal documents that detail how you would like your assets distributed and who you would like to speak for you in the event of your death or incapacity. These documents often include:
- A Will – a legal document allowing you to appoint an executor to manage the assets and liabilities of your estate and reinforces your choices regarding distribution to your beneficiaries.
- Life Insurance Trust – a legal document that allows you to hold the proceeds from any life insurance in trust for a minor or beneficiary.
- Power of Attorney – the Enduring, or General, Power of Attorney (POA) allows you to legally designate an individual to handle business, property, and financial affairs on your behalf in the event that you are incapacitated. The Enduring POA helps you manage your affairs and is effective from the time of signing until your death. Your POA can be revoked at any time by submitting the request in writing. However, if the original or certified copies of the POA have been released to your attorney(s), then these documents will need to be retrieved and your POA will need to be served a Revocation of Power of Attorney document.
- Representation Agreement – The Representation Agreement allows you to legally pick a person to make health care and personal decisions if you are unable to do so yourself.
- Appointment of Standby Guardian – a legal document allowing you to appoint a guardian for your children in the event of your incapacity, but not death.
Depending on your personal and financial circumstances, there may be other documentation to consider like a Family Trust, an Alter-Ego Trust, or Restricted or Dual Wills. Contact us for more details about those.
How Long Will It Take?
As an experienced law firm, we pride ourselves on not wasting our client’s time. The majority of the work can be done within two meetings wherein we discuss your personal circumstances, help with any decisions that need to be made, and answer any questions you may have. After that point, we will draft your documents and liaise over the phone or by email about any final details if necessary. Drafts of your Will will be sent to you for review, and once it is finalized you will come in for a final meeting to sign the legal document. It can also be arranged to have you sign these documents from the comfort of your own home!
How Much Will It Cost?
During this month only, anyone who books their first estate planning appointment for January or February will receive 30% off services provided. This offer expires March 1, 2020, so there is no better time to cross this task off your list. Email us at wills@papercliplaw.com to receive our workbook which outlines pricing details, the estate planning process, and the information we need to get you started.
Estate planning is a very important step that is often avoided. Working with our skilled team of experts, we can ensure your assets have clearly defined beneficiaries and give you access to solutions that will help to ease the stress of your loved ones in the event of your passing or incapacity.
Paperclip Law is committed to helping our diverse clients throughout the Vancouver and Squamish regions find perfectly tailored solutions for managing their assets. We believe that estate planning can be simple, and we are happy to partner with you to make the process seamless, easy, and transparent. Contact us today to learn more!
