Most people’s resolutions would include losing weight, exercising regularly, eating healthier so on and so forth. Have you considered getting your estate and personal planning documents in order as this year’s resolution?
Wills, Powers of Attorney and Representation Agreements are the most common and are probably one of the most important documents in your estate plan. Accidents can happen without any forewarning. In the direst circumstances, if you pass away without a will, basically you are leaving up to the law to determine how you want your estate to be distributed upon your death. Your family or closest friends, while grieving for their recent loss, are also required to apply to the Court to be the administrator of your will. In other instances, you suffer sever injury or illness and are not able to communicate with anyone, who’s going to handle your financial, legal, or personal care matters? Your family, even your spouse, would not be legally to handle your matters.
Since the owners of these documents requires to be mentally capable when these documents are being drafted for them, it is important to have these documents ready place way BEFORE you need them.
Let’s go through the mental capacity checklist for drafting up a will and Power of Attorney:
According to the Power of Attorney Act, the person must understand the nature and consequences of ALL of the following six factors:
As for wills, the MINIMUM mental capacity that the will-makers need to demonstrate are:
Don’t wait until it is too late to make a will or Power of Attorney. Getting these documents ready is a huge relief for your family and loved ones during the difficult times.
A bit about myself. I am a member of the British Columbia Notaries Public Society. I want to answer some of the most common questions that my clients have through my blog. Hope you find it useful.