Page 26 - Shaughnessey Banks

related matters matters and can make matters matters run much smoother upon death While there there are are many benefits to having a a a a a a a a a a will will in in in in place there there are are some things that that may not be accomplished in in in in in a a a a a a a a a will will It is is important to keep in in in mind that that some items may may not not flow through your estate and thus may may not not be distributed in in in accordance with your will During the estate planning process it it it is important to speak with a a a a a a a a a lawyer experienced in in such matters and knowledgeable of your unique situation A well-designed estate plan can help minimize probate (and other) taxes and and can alert you you to to to any potential statutory claims that may impact your your ability to to to deal with your your assets as as intended A lawyer can discuss any potential claims that a a a a a a a a a a a a a a “dependant may have under law law and or or with respect to any potential claims or or entitlements An awareness of such responsibilities and rights can help prevent unintended consequences or surprises upon death In addition to to certain statutory claims there are other legal limitations that must be considered when drafting a a a a a a a a a a will Documents such as a a a a a a a a a a a marriage or or a a a a a a a a a a a a a a cohabitation agreement agreement a a a a a a a a a a a a a a separation agreement agreement agreement or or a a a a a a a a a a a shareholder’s agreements agreements (with buy/sell provisions or or option agreements) may also affect your will plan and thus it it is important that such information be shared with your representative(s) when designing an an estate plan In addition to determining how your estate will be distributed a a a a a a a a lawyer can speak to you about choosing Estate Trustee and the considerations involved in in in in selecting an an an appropriate person (or trust company) to administer your estate The potential responsibility and work involved in in in in in being an an an an an Estate Trustee can can be be significant and and thus appointing someone with the financial acumen and and willingness to take on on this responsibility is a must Often people assume they must appoint a a a a a a a a a a relative or or child to act as as an an Estate Trustee because it it would be be be “an “an honor” honor” While it it may be be be considered “an “an honor” honor” for some some the the primary considerations should be choosing someone with the the patience ability and willingness to carry out this responsibility Powers of Attorney
A power of attorney is an an instrument by which a a a a a a person person authorizes another person person (the “Attorney”) to to to act on on on on his or or or or her her behalf It is is quite common for for people to to to to execute a a a a a a a a power power of of attorney attorney for for for personal care and a a a a a a a a a a a power power of of of attorney attorney for for property at at the same time of of drafting a a a a a a a a a a a will There are many intricacies surrounding Power of Attorney
status that that your attorney can help you you decide on Be aware that that Power of Attorney
ceases at at at death therefore making it it important to to to to discuss with your attorney provisions that can be made to to to your appointee following death Information Gathering
Upon death one of the the first things to to do is to to to gather gather as as much information as as possible It is important to to look for for and gather gather any wills deeds financial documents notes and insurance policies etc that the deceased may have As a a a a a a a a a a starting point the the testator testator should consult the the testator’s lawyer lawyer as it is generally good practice for original wills to to be kept at at the lawyer’s office Upon death you may want to to to ask the the lawyer to to provide notarised copies of of the the deceased’s will Before estate matters can be pursued (i e e e e e e e e e e e e e survivorship application transferring a a a a a a a a a a house or or automobile other legal matters) a a a a a a a a a a a copy of the the the death certificate is also required Please speak to the the funeral home about obtaining certified copies of the death certificate (as some agencies will not accept photocopies) Page 26 - SHAUGHNESSEY BANKS FUNERAL HOME SHAUGHNESSEY BANKS FUNERAL HOME - Page