Everyone should have a Will, Power of Attorney and a Personal Directive.
A Will determines who shall administer your estate (your property and legal rights) and determines who will receive your estate when you pass away. If you have a large estate, with a wide variety of complex assets, you may require complex estate planning with a tax lawyer, but if your estates is mostly made up of your house, your bank accounts and your stock account and you simply intend to transfer your estate to your spouse and children, then you probably only need a basic Will.
A Power of Attorney is the transfer of power to make decisions regarding financial matters from one person to another person. A Power of Attorney can transfer the decision making power immediately, or, more frequently, it transfers the decision making power only after the person transferring the power becomes incapable of making decisions for himself/herself due to mental incapacity. The Power of Attorney determines who will receive the decision making power, under what circumstances the person will receive the decision making power and who will decide if the circumstances have been met. An example of when a Power of Attorney is beneficial is if a person becomes mentally incapacitated and it becomes necessary to sell his/her house. Since the person is mentally incapacitated, they cannot sign the real estate contract, so he/she would need a Power of Attorney to sign the legal papers.
A Personal Directive transfers power to make non-financial decisions from one person to another person. Unlike a Power of Attorney which transfers decision making over financial matters, a Personal Directive applies to personal decisions, such as health care, medical decisions and living arrangements. A Personal Directive comes into force when the person making the Personal Directive becomes mentally incapacitated and unable to make decisions for themselves. A Personal Directive determines who will receive the decision making power, under what circumstances the person will receive the decision making power and who will decide when the circumstances have been met. Examples of when a Personal Directive is beneficial is if a person can no longer live at home and needs to be moved to a Senior’s home or when a person suffers a medical emergency and a decision needs to be made about medical treatment.
Our fees for these services are:
|Single||Husband and Wife|
|Preparation of a Basic Will:||$300||$500|
|Enduring Power of Attorney||$150||$250|
|Basic Will, Power of Attorney and Personal Directive for one person:||$550||$1,000|
* Fees do not include GST
(Additional fees charged for more complex documents)
If you would like us to prepare a Basic Will, Enduring Power of Attorney or Personal Directive, the please fill out the Questionnaire – Wills, Power of Attorney and Personal Directive – [coming soon].