What is estate planning
Estate planning involves reviewing your assets and debts, reflecting on how it will affect your loved ones after you pass, and using tools to make sure its best value is passed on to the right people. A good plan will save much confusion and stress for your loved ones, regardless of your age or financial status.
Making a will is a crucial component of estate planning, because it tells the court and your family members what to do with your property, who will be the executor of your property, and who will be the guardian of any minor children you leave behind. Without a will, the court chooses an administrator for your estate and your property is distributed according to the Wills, Estates, and Succession Act, which might not be reflective of your wishes.
Estate planning can also involve planning for who will take care of you when you are no longer mentally capable of doing so yourself. You can appoint a Power of Attorney to ensure someone you trust is managing your finances and making legal decisions on your behalf. You can also create a Representation Agreement to ensure someone you trust is making personal and health care decisions on your behalf.
An estate planning lawyer works closely with you to develop a plan that best suits your wishes and needs. We have extensive experience in planning and implementing the necessary tools to ensure there is a suitable strategy for your accounts, businesses, real estate, heirlooms, pensions, insurance, and more. Some of these tools include:
Will
A will tells the court and your family members what to do with your property and who will be the executor of your property. You can also appoint a guardian for any of your dependent children. A will is clearly a crucial component of estate planning. Without a will, the court chooses an administrator for your estate and your property is distributed according to the Wills, Estates and Succession Act, which might not be reflective of your wishes.
Representation Agreement
A representation agreement allows you to choose someone you trust to be your legal representative and to make decisions personal and health care decisions for you if you become incapable of making those decisions on your own.
Power of Attorney
A power of attorney appoints a person you trust to deal with your business and property and to make financial and legal decisions on your behalf. Our office can also prepare an enduring power of attorney, allowing a person to continue to act on your behalf if you become incapable of making those decisions on your own.
In addition to the above, our estate planning lawyers can also help you with advanced care planning. Advance care planning is the process of thinking about, and talking over with close family, friends, and your health care provider, your beliefs, values and wishes for future health care treatment in the event of incapability. We can help ensure your wishes are made clear, reducing a significant amount of stress for your loved ones in the future.
A comprehensive estate plan can help save on substantial costs and tax consequences. It will also alleviate much confusion and stress for your loved ones in the event of illness or death.
Our estate planning lawyers will also review your unique circumstances to maximize the value of your estate. This may include implementing additional tools, such as trusts or deeds of gift, as well as reviewing jointly held assets or beneficiary designations for pension or insurance policies. At Jiwa Law Corporation, we will help you strategize your estate to ensure its greatest value is passed on to your loved ones.