Where there's a will, there's an easier way...

Do you have a will?  Do you have powers of attorney? If you don't, you should.  If you do, read on, because I have some good advice for you.

If you don't have a will or powers of attorney, make the decision to do one soon!  It is not very costly and it can save you much grief, hassle and even money down the road.

If you don't have a will, it is more complicated to deal with your bank accounts, investments and property after you die. Those complications can tie up your money for longer than is necessary and will likely add significantly to your legal fees.

A power of attorney for property allows someone to handle your finances and property while you are alive.  For example, if you are away on vacation or laid up in the hospital, the person can write cheques on your account to pay your bills.

A power of attorney for personal care allows someone to make health care decisions on your behalf when you are unable to make those decisions yourself.  So, if your got into an accident and were in a coma or if you became incompetent, that person could decide what you eat, where you live and, most importantly, what kind of health care you do or do not receive.  Doctors are required to obey the instructions of that person. 

If you do have a will and powers of attorney, or when those of you who don't go out and get them, make sure you do a few things:

Most importantly, make sure that the people who will be charged with your affairs know where to find the documents that they need.  Tell them where you keep your cheques and important papers.  You may want them to have a key to the house.  You may want to discuss with your beneficiaries how you intend on distributing your estate.  This may save some arguments after your death. 

If you put a "pull the plug' clause in your power of attorney for personal care, make sure that the person knows about that wish and that the person is prepared to make that order, should it become necessary.

Some couples think that they should wait until they are finished having children before they do wills.  Most wills do not specifically name young children: they refer simply to "my children". It is easy and often quite inexpensive to make changes to a will, should it become necessary.

Don't wait.  The best time to do a will is now.  Make it easier on the ones you leave behind.

I am not writing this in an attempt to get business. It is actually a lot easier for lawyers to help someone administer an estate when there is a will.  We make more money when there is not a will, because it is more complicated.  However, I like to think that your legal advisor is doing their job best when they advise you on how to make life (or death!) easier and less costly for you.