You work your whole life to provide for your family. You purchase a home, buy cars, pay for college and try to provide a retirement plan for yourself and your spouse. You work at it every day, and it shows. Then, without warning, it happens. It’s all over. One day your family will have to provide for themselves, because you will be gone. It isn’t a topic that people are eager to discuss. Many prefer to ignore this inevitable truth, until it happens. Unfortunately, by then it is too late. Don’t let your years of hard work be for nothing. Protect your family and your estate today by understanding how estate planning Vancouver can protect the most important people in your life.
A thorough estate plan has many elements to it. Some of the major pieces include the actual will, a power of attorney assignment, a form of living will with instructions for particular medical scenarios, and possibly a trust of some sort. A good attorney or licensed estate planner will be able to provide several standard layouts for a will. They can also advise you as to whether or not a trust of some kind would be appropriate for your needs, based on the regulations governing estate planning in Vancouver. In order to begin the discussion however, we will focus on the major points that make this conversation uncomfortable. These are the living will, and the power of attorney assignment.
1.) The Living Will:
The living will provides instructions to family members, medical providers and legal administrators as to what your wishes are in regard to your medical care and possible end of life preferences. This includes your wishes on a “Do Not Resuscitate” order, should you need to be kept alive artificially. This is an unpleasant topic but keep in mind that the reason it needs to be addressed now, by you, is so your children will not have to make these decisions without your guidance later.
2.) The Power of Attorney Assignment:
Make this decision now. Sit down and talk with your spouse, your children, and any other extended family or close friends that will need to be part of the process when and if the time comes. Understand how they all feel about this, and let them all know your wishes. Be clear about assigning this task to one or two people that you feel can carry out your wishes, and then put it in writing. When the time comes, emotions will be running high. Any issues that you can resolve now will save a lot of heartache for the people you love later.
Once you follow these steps, you have truly begun the process of taking the final steps towards providing for your family after you are gone.