Thinking about Making a Will, but not managed to get started? don’t worry, you are not alone. Unfortunately, many people procrastinate the estate planning process for a variety of reasons. People might think that estate planning is complicated, time-consuming, or will cost them hundreds of dollars in fees.
According to a survey by legal insurance firm LawPRO, 56% of Canadian adults do not have a Will, more than half of them because they either don’t know how to get started or think they can’t afford to. The numbers are almost identical south of the border: the American Bar Association cites 55% of American adults as not having a Will or estate plan. Continue reading
Most people have not got around to writing a Will. According to a recent survey 64% of adults in the US do not have a Last Will and Testament. The more significant concern though is that in the younger age groups (people under 35) the percentage is much higher.
90% of Americans aged 18-34 do not have a Will
80% of Americans aged 35-44 do not have a Will
83% of single Americans with children do not have a Will
The primary reason for this is that young single people simply don’t feel that they need a Will, and of those that do, writing a Will is certainly not an urgent task. It ends up being something that they simply haven’t “gotten around to”.
Here are some considerations for young single people who fall into one of these two camps; the deniers and the procrastinators. Continue reading
Most people recognize that a Financial Power of Attorney (PoA) is a critical part of a complete estate plan. While a Last Will and Testament describes the distribution of your estate after you have passed away, the financial Power of Attorney allows you to give somebody to power to handle your business affairs if you are incapacitated or otherwise unable to take care of your finances yourself. This article discusses the implications of creating a Financial PoA. Keep in mind that we are not dealing with a healthcare PoA in this article which is an entirely different document.
Background to the Financial Power of Attorney
A financial PoA allows you (the grantor, principal or donor) to grant power to another person (the attorney-in-fact or agent) to handle specific or general financial tasks under defined circumstances. This gives rise to the different types of financial PoA; they can be “special” or “limited” if they grant specific powers to the agent, or you can create a “general Power of Attorney” if the powers are not to be restricted.
There are three types of general PoA Continue reading