No one likes to think about what would happen if they were in an accident or became seriously ill, but it’s essential to have a plan in place in case something happens. You can never be too prepared for your family’s safety, and Canada has some particular laws you should know about as you arrange your finances.
Creating a plan is the best way to ensure that your loved ones are taken care of in an emergency. Here are five ways to develop a plan to keep your family safe.
1. Estate Planning: What Is It, and Why Would You Want It?
According to Wills and Estates Lawyer in Toronto, estate planning is essential for planning what will happen to your assets and property after you die.
It includes the following things:
- Your home
With an estate plan ready, your family knows what to do with your belongings and how to access your money.
Creating an estate plan can seem daunting, but it doesn’t have to be. Many resources are available to help you get started, and experienced attorneys can guide you through the process.
2. Creating Your Will: What to Include
A Will ensures that your desires get carried out in case of your demise.
A will doesn’t have to be difficult or expensive to make. In Canada, it’s pretty simple to make a valid will without the help of a lawyer. All you need to do is ensure that your will meets your province’s legal requirements.
3. Trusts: How They Work and How They Can Benefit Your Family
In a trust, one person, known as a trustee, holds the property on behalf of the beneficiary. The trustee can be an individual, a corporation, or even a government body. The beneficiary can be an individual, a group of people, or a charity.
In Canada, trusts are regulated by the Trustee Act and the common law. There are many different types of trusts, but they all have one thing in common: they can be used to protect your assets and your family.
4. Power of Attorney: Definition and Reasons for Using It
An official document appoints another person to act in your place and make decisions. It can be helpful if you become incapacitated and cannot make decisions for yourself. For example, if you’re planning to be away from home for a while, you can utilize it to handle your affairs.
The laws governing power of attorney vary from province to province, so getting advice from a lawyer or public notary is essential before signing away power of attorney.
5. Advance Directives: What They Are and Why You Need Them
Advance directives are legal documents that outline your wishes for medical treatment if you cannot communicate them yourself.
They can include:
- The person you want to make decisions for you
- The kind of treatment you do or don’t want to receive
- Your preferences for end-of-life care
Speak with your family about advanced directives and what they can expect. When you’re ready to make it all official, ensure you follow your province’s guidelines to make it a legal document.
Putting It All Together: Creating a Plan That Works for You
Putting together a plan to keep your family safe in Canada doesn’t have to be complicated. Following the simple steps outlined in this blog post, you can create a plan that will work for you and your family.
Estate planning, creating a will, and setting up trusts are all pieces of the puzzle. Power of attorney and advance directives are also important considerations. By creating a thorough plan, you may feel secure knowing that your family will be cared for in the case of an emergency.