We do Wills and Powers of Attorney as part of simple and complex estate and succession plans.
If you don’t have current versions of both, then run, don’t walk, to your lawyer to get them prepared. They are the cheapest and best tools to save your estate and loved ones untold aggravation, cost and taxes.
Wills and Powers of Attorney are the two basic elements of every estate plan – be it simple or complex.
Everyone should have both to make it so much easier and cheaper for survivors to deal with loved ones who become incapacitated or die, and to save taxes.
Wills come in two basis forms – Simple Wills and Dual Wills.
Simple Wills are usually recommended for people without significant business assets, while Dual Wills are usually recommended for people with business assets worth more than $400,000.00.
If Dual Wills are recommended, then each person would have two Wills – one that deals with business assets like shares in private corporations and shareholder loans owing by those corporations (the “Business Will”), and another Will that deals with the rest of the person’s assets (the “Normal Will”).
Dual Wills, if drafted properly, allow the Business Will not to be probated which can save probate taxes of roughly 1.5% of the value of the business assets. This savings is approximately $15,000.00 per million dollar of business assets.
Powers of Attorney also come in two basic forms – Power of Attorney for Property (“PAP”) and Power of Attorney for Personal Care (“PAPC”).
Both PAP and PAPC are highly recommended for everyone.
All Power of Attorney documents “die” when the person that signs it dies and cannot be used after that, but they can have different start dates and durations depending on how they are drafted. PAPC are activated when the person who signs it becomes incapacitated, but PAP can be drafted to be for a set period of time or for a set purpose, and they can be drafted to be effective on the incapacitation of the person that signed it, or to be effective when signed and continue after incapacitation.
All Powers of Attorney are powerful documents, and we recommend they be kept in our fire-proof vaults, and not released except in very narrow circumstances.
If you would like to make an appointment to discuss Wills or Powers of Attorney, please call 519-679-6777 or email email@example.com. It would be helpful if you could download, complete and forward the Wills Questionnaire at the same time.
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