Wills & Power of Attorney

Wills and Estate Planning

Many families often worry about how to protect their loved ones in the event of an unexpected death or disability. While Estate Planning can seem confusing or even morbid to think about, it doesn’t have to be.

Estate planning involves the process of making important decisions and creating legal documents to manage your assets and affairs during your lifetime and after your passing. It involves planning for the distribution of your assets, appointing individuals to make decisions on your behalf, and ensuring that your wishes are carried out.

At Prabh Pannu Law, we encourage careful and thoughtful estate planning discussions. We can assist in drafting a comprehensive Estate Plan to meet your personalized needs and concerns.

To get started, contact us to book a free consultation via phone 416-814-7395 or through an email to prabh@pannulaw.com

Power of Attorney

A power of attorney (POA) is a legal document that allows an individual (known as the “grantor” or “donor”) to appoint someone else (known as the “attorney” or “agent”) to act on their behalf and make decisions in specific areas of their life. The person appointed as the attorney must act in the best interests of the grantor and make decisions according to their wishes. It is important to carefully consider your choice of power of attorney and select someone you trust implicitly, as they will have significant responsibilities and decision-making authority.

Types of Power of Attorney

There are two types of Power of Attorney in Ontario:

1. Power of Attorney for Property: This document grants authority to the attorney to manage the grantor’s financial affairs, such as paying bills, managing investments, or selling property. It can take effect immediately or be triggered by a specific event (e.g., the grantor’s incapacity). It is essential to choose someone trustworthy and capable of handling financial matters.

2. Power of Attorney for Personal Care: This document authorizes the attorney to make healthcare and personal care decisions on behalf of the grantor if they become incapable of making such decisions themselves. These decisions can include medical treatments, living arrangements, and consent for procedures. It is important to select someone who understands the grantor’s values and wishes regarding personal care.

The Benefits:

Personalized decision-making

With a Power of Attorney, you have the opportunity to outline your specific wishes and preferences in advance. This allows your attorney to make decisions that align with your values and beliefs. Whether it’s regarding medical treatments, living arrangements, or financial matters, your appointed attorney can act in accordance with your instructions.

Continuity and convenience

A Power of Attorney ensures continuity in the management of your affairs. If you become incapable, your appointed attorney can step in immediately and handle financial transactions, pay bills, manage investments, and make necessary decisions regarding your personal care without delay. This can provide convenience and peace of mind for you and your loved ones.

Reduction of family conflicts

Clearly designating a Power of Attorney can help prevent disputes or conflicts among family members or loved ones about decision-making authority. By making your choice known in advance, you can minimize the chances of disagreements and ensure a smoother process during challenging times.

Want to know more about Prabh Pannu Law?

Schedule a free consultation by contacting our office at 416-814-7395.