Experienced Estate Planning Attorney Serving Vancouver Families
Planning your estate when you’re healthy in mind and body is the smartest financial decision you can make. After all, you’ve worked hard to earn what you have and provide a stable life for your family. Why let unforeseen events derail your progress and accomplishments? Attorney James Mayhew helps clients take stock of their assets and devise a plan for protecting their nest eggs.
When someone passes away their estate must be executed to distribute all assets to heirs and settle any remaining debt. This process can be relatively easy when a well-crafted will is in place at the time of death. Conversely, it can be difficult and confusing in the absence of a will. Either way, James can help you and your family get things in order.
Wills allow us to dictate what will happen to our assets in the event of mental incapacitation or death. Furthermore, a trust is a financial plan that distributes our assets to persons of our choosing either while we’re still living or after we pass. In essence, wills and trusts give us the ability to plan ahead of time for difficult situations ahead.
Durable Power of Attorney
A Durable Power of Attorney is a legal document whereby one person may assign someone else to act in his place in matters of law or business, and/or health care decisions. The person who authorizes the other to act on his behalf is known as the principal, while the other person is called the agent or attorney-in-fact. A Durable Power of Attorney is so called because the agent can act on behalf of the principal, in all matters of the principal’s business, even if the principal becomes incapacitated. It must be designated in the Durable Power of Attorney when it becomes effective. The Durable Power of Attorney can become effective immediately or only when the principal is deemed to be “incapacitated” by a doctor.
Planning for Your Future Together
Careful estate planning spread over your healthy years affords a great sense of peace of mind for yourself and your loved ones. People who fail to create wills leave the door open to the possibility that your spouse or children may be left wondering what you would have wanted them to do with your assets (or even your medical care), which is a terrible position. Help your family now by getting it all in writing how they should proceed in the event you are not there to guide them.