Wills and Estate Planning seminar at Westwood Community Church
On Tuesday November 22, 2011, Lowe & Company will be giving a seminar on Wills, Powers of Attorney, and Representation Agreements at the Westwood Community Church in Coquitlam, BC.
Why do I need a Will in BC?
When you have a Will, you are in control over what happens to your assets, and in some cases, your minor children, should something happen to you. Without it, the Government will decide who gets what, and if ther are no living heirs that can be found, everything will just go to the government. Lawyer Jeffrey Lowe discusses some of these implications.
What is a Representation Agreement?
A Representation Agreement allows you to appoint one or more Representative to make decisions about your Health Care, Personal Care, or Financial Matters when you are incapable of doing so. In other jurisdictions, this is known as a “Living Will”. People become incapable in unpredictable ways; it happens to elderly pensioners, middle-aged workers with heart-disease, healthy young drivers and everything in between.
Health care decisions include emergency questions such as: will you take a treatment (ex: blood transfusions)? Will you be resuscitated? Will you refuse life-support? It may also include decisions on palliative care – relief to lessen suffering during treatments, chronic illness or near end-of-life. If no Representative exists, the responsibility follows a court order or it falls on the next available kin – such as your in-laws – as dictated by statute. Who are you entrusting to make these decisions?
Personal care decisions affect your quality of life. Every day you choose who to see, where to go, what to eat, what to wear, and whether to participate in religious practices. Imagine that for the incapable person, someone else will choose.
Financial management decisions pay your bills, buy your food, pay off your mortgage, grow your investments and basically help you live. Yet, if incapable, these responsibilities must fall on someone that the third-party banks, brokers, creditors recognize as having authority.
The Representation Agreement is very useful, but it must be prepared carefully with appropriate safeguards and protections for you; after all, your Representative could have the power of life and death over you! You need to be able to terminate a Representative that you later having a falling out with. With a prudently and comprehensively prepared Representation Agreement, you can have control even when you are no longer fit to.
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Who decides: |
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Legislation: |
Patient’s Property Act |
Representation Agreement Act |
Health Care (Consent) and Care Facility (Admission) Act |
Health Care (Consent) and Care Facility (Admission) Act |
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Instrument: |
Court Order |
You appoint in a Representation Agreement |
You outline in an Advance (Medical) Directive |
A Health Care Provider consults your relative |
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Appointment Time |
After your incapacity |
Before your incapacity |
Before your incapacity |
After your incapacity |
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Degree of Decision-Maker’s Power: |
Steps fully into your shoes |
4 corners of Representation Agreement’s authority |
4 corners of your pre-decision |
One-time consent |
The Power in Powers of Attorneys
According to a CBC news article published in February 2010, Canadians over 65 can expect to live longer due to medical strides against diseases that affect older people. On average, a 65 year old man can expect to live another 18.1 years, with people in British Columbia showing the longest life expectancy in Canada at 81.2. Older Canadians can plan their retirement and other needs knowing they can live longer.
We expect that we will be able to make our own decisions throughout our lives. But, our ability to make decisions will change, especially as we age. Unfortunately, one in five Canadians believes they know of a senior who might be experiencing some form of abuse. Financial abuse is the most commonly reported type of elder abuse. No one should be pressured, forced or tricked into giving money.
Personal planning is important to ensure that your wishes will be respected should a time come when you need assistance or must reply on someone else to make decisions for you. This also prevents the government or others you would not want from becoming involved in your personal and private affairs. Personal planning lets you stay in control.
In British Columbia, an enduring power of attorney (EPOA) allows you to give legal authority to someone you trust to manage your legal and financial affairs if you are no longer capable of making your own decisions. Financial affairs can include paying bills, doing your banking, even looking after your financial responsibilities to your dependents.
You can make an EPOA as specific or as broad as you want. You can also specify when it takes effect.
Careful planning with trained professionals will give you peace of mind.
Welcome to Lowe and Company!
Welcome to Lowe and Company! Many of you may know us for our Business and Immigration law work, through our website at www.canadavisalaw.com since 1995. However, many people do not know that we have also assisted clients with Wills, Trusts, and Estate Planning for over 20 years.
Also, we have recently added 2 new lawyers. Robert Leong is a lawyer, qualified in the UK and Singapore for 15 years, before requalifying in BC. He will be handling Family, Immigration, and Estate litigation matters.
Leticia Siu from Alberta has also joined us, and will be handling Wills, Trusts, immigration end corporate matters.
