Wills and Power of Attorney
Date posted: April 4, 2013
A Note from Herb Braley
For many of you the idea of writing a Will can seem like a daunting task. When you are young and healthy it may feel unnecessary or pointless and as you get older, there always seems to be something more important that needs addressing.
At Braley Winton, our profession entails that we counsel you on your investment and insurance needs. By the same token, I believe it is also our obligation to ensure that upon your death, your assets are distributed the way YOU intended.
Without a Will there is no guarantee as to how your assets will be divided or to whom. In the case of minors, there is also the possibility that guardianship of your children will be awarded to someone unintended.
Below you will find some useful tools and links, as well as some information on Power of Attorney, something that I highly recommend.
Herbert Braley Sr.
President & CEO
Will Planning Guide
Before meeting with a legal advisor regarding your Will, we suggest you complete the attached Will Planning Guide. It consists of a few questions for your consideration that will help the process run smoothly.
In Canada, there are three basic types of Wills: a Notarial Will, a Formal Will, and a Holographic Will.
In the province of Quebec, we recommend that you use a Notarial Will. This document is prepared by a Notary and signed before the Notary and generally one witness. It is advantageous due to the fact that the Will is not subject to probate; a procedure that is time consuming and costly for the beneficiaries and legatees of the Will.
If you reside outside of Quebec and all your assets are outside of Quebec, then a Formal Will would be advised. This document is prepared by either yourself or a lawyer and signed in the presence of witnesses.
The Holographic Will, is a document prepared by you and written entirely in your own hand writing with no witnesses. Most experts advise against this type of Will as it can be subject to misinterpretation. Since there are no witnesses, it is also possible that no one will know of its existence or location.
For more information please visit the Québec Ministère de la Justice website.
What is a Power of Attorney?
A Power of Attorney is a legal document which allows someone else the right to act on your behalf. There are several types of Power of Attorney depending on your needs.
A simple Power of Attorney (Mandate in Quebec) allows a person you trust to handle your financial obligations (i.e.: such as paying bills or other banking transactions). This arrangement is particularly useful if you are out of the country for a prolonged period or become physically incapacitated.
A Mandate given in Anticipation of Incapacity (also known as a Living Will) allows someone to make decisions concerning your medical care should you become unable to do so on your own. It can provide instructions and indicate the types of treatment you do or do not want to receive.
Another option is to have a Power of Attorney combined with a Mandate given in Anticipation of Incapacity. It is usually divided into two main sections; the first in which you designate someone to care for your assets and the second in which you designate someone to your medical care.
Take the first step
Call today to make an appointment with one of our affiliated Notaries to discuss your Will or Power of Attorney.
Mtre André Cloutier
3883 St-Jean, Suite 305, DDO, Qc
T. (514) 620-1818 firstname.lastname@example.org
Mtre Roger Gosselin
3883 St-Jean, Suite 305, DDO, Qc
T. (514) 620-1818 email@example.com