Differences Between Power of Attorneys and Wills
A Power of Attorney and a Will are two essential documents that are complimentary to each other.
A Power of Attorney is a legal document whereby an adult person (Donor) gives another party the legal authority to act on their behalf in order to manage legal and financial affairs. The power given can be very broad to allow complete control over all finances and property or it can be limited to a specific task. A Power of Attorney is only valid while the Donor is alive.
A Will is a legal document whereby an adult person sets forth their wishes regarding the distribution of property and assets. A Will may also appoint guardianship for minor children and allow you to decide who will wind up the affairs of your estate. Lastly, having a will helps avoid a lengthy probate process. While it may not eliminate the requirement for probate, it will speed up the process. A Will is only valid once the person is deceased.
Having a Power of Attorney and a Will is one of the most important things you can do for yourself and your family. If you or someone you know is interested in setting up a Power of Attorney and/or a Will, contact our Elizabeth Street office in Midland, Ontario by phone at 705-526-3791 for a quote or speak directly to one of our lawyers.