4 minute read
Estate Planning
from Golden Years 2021
WILLS AND POWER OF ATTORNEYS: WHAT IS THE DIFFERENCE?
By Morgan Hampton
Merritt welcomed a new Notary Public this year, Julia Trela, who moved from North Delta to fill a vacancy left by Cherry Inglis’ retirement.
A Notary Public has the same powers in specific areas of law, such as real estate and personal planning, as a lawyer does, but they may be more accessible to you. These services are particularly important for seniors who are entering their Golden Years and looking to make plans for their future health and wellbeing, as well as the eventual dispersal of their estate.
What is the difference between a Will, a Power of Attorney (POA) or a Representation Agreement, and why are they important?
“A Power of Attorney is important, especially if you’re in a care home, or you have mobility issues, a Power of Attorney would let somebody else take care of things for you, someone you trust of course,” said Trela.
“It lets someone go to the bank and do banking for you; it lets them sign a contract to sell the property if you wish to. There are protections in the law so that they can’t use it for fraud, for example they can’t transfer the property to themselves, but it’s obviously recommended to give those kinds of documents only to the most trusted, like your children.”
There are two types of POA. The standard POA expires when you lose your capacity, such as if you were to enter a coma or other non-responsive state.
An enduring POA lasts as long as you are alive, only expiring once you pass away and your will comes into play.
A Representation Agreement revolves around healthcare and the long-term care you may need as you experience physical decline.
“These are often used to get into a care home, or if you’re in the process of a separation or you have a child that you don’t want to make your decisions for you, a Representation Agreement for healthcare lets the doctors know that you don’t want that person making healthcare decisions for you,” explained Trela.
A Representation Agreement will also handle your requests surrounding withdrawal of life support at end of life.
“There’s no such thing as a living will anymore,” Trela cautions, advising that individuals consider a POA, enduring POA or a Representation Agreement to suit their needs.
“Wills are especially important if you still own property,” said Trela.
“If you still have real estate, then that really helps the family, and it doesn’t leave the burden on the children or your closest relatives. It makes it easier; it makes the process much more streamlined.”
It is important that you make all preparations for these documents while you are still of sound mind and body.
“You don’t want to be doing it last minute, because then it’s too late,” said Trela.
Failure to do so can lead to lengthy and expensive complications for your estate, and those who will be handling your affairs, such as your children.
“That will cost your estate a lot of money in court fees. If they have to sell a property and it has to go to Committeeship or anything like that, that’s thousands of dollars out of pocket. It’s easier for the relatives and
much more cost efficient for you to do it while you still understand what’s going on.”
Wills handle the major decisions that will need to be made after you pass, such as the dispersal of your property, money, and assets. Although it is possible to go into further detail, it is generally recommended that directions be left in simple, concise terms.
For example, if there is a family heirloom or particular item of sentimental value, it could be provided for in your will, but there is a more straightforward approach.
“They could, but I don’t recommend it, and I personally don’t do that,” Trela said, of Wills containing numerous individual items and details.
“A more effective way of disposing of a specific item, they’re called articles in a Will, is to leave a note. A Will generally states that the executor has to listen to the notes left. There should be a list, or even putting stickers with names on the back of things of who you want it to go to, that saves a lot of fighting after you pass away.”
It is also important that your POA, Representation Agreement and Will be kept up to date, and any life changes that affect those documents, such as becoming widowed, divorcing, having an executor pass or a preferred executor come of age, are all reasons to reassess your personal planning documents and make any necessary changes.
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