Sunday, March 11, 2012
Legal Matters Matter
We finally did this, at the urging of our financial consultant, and now we can feel quite smug that we've done the basics, and all is well.
If you are so inclined, a bit of advice: Expect the will and accompanying documents you'll need (i.e. Power of Attorney and Representation Agreement, if you live in British Columbia) to cost you around $1,000, for a couple to have these things done.
Make sure you choose to assign your Power of Attorney to a person you trust, and further, make sure it's an enduring Power of Attorney, that is, goes on after your death or if you become incapable of making decisions. Next, our unique Representation Agreement (think of it as a POA for medical and personal health care matters, or even a living will) is important to have in place...BC is the only place on earth that has them....and think about an Advance Medical Directive that your doctor keeps in his/her office, and that spells out your precise instructions to your doctor about what to do in medical crises if you can't make decisions then. It's very worth it to take the time (and spend the money) to get these documents, at least, in place....then you'll be sure that you, and not the courts, are in charge of deciding who might make decisions on your behalf when you can no longer do so. Your will only applies after your death, but the POA and Representation Agreement may kick in when you are alive, but no longer capable of decision making. Get these in place for peace of mind! For more on this, take a listen to my March 8, 2012 column (Legal Matters Matter) at my CBC url page.