Just A Minute - Podcast Episode 5: 2nd Standard Wills & POA Scenario
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[00:9] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on November 25th, 2022 to help educate our listeners on various legal scenarios.
[00:21] Today’s topic will be on the second Standard Wills and Power of Attorney Scenario, but before we continue, please note that these Standard cases are only affiliated with Landmark Law, and are not required for all law firms to do.
[00:35] BELL CHIME
[00:38] The second scenario is being in your first marriage with minor children. For your Will, upon your passing, everything goes to your spouse, if your spouse has already passed before you, then everything goes to the children in equal shares. You must appoint a Trustee to safely hold and handle the estate until your children reach the age of majority. You must also appoint a Guardian to care for them. Such Trustee and Guardian would often be a relative or close friend. For multiple Trustees, you may appoint them to act as Trustees "jointly" or you may rank them. Clients may or may not elect that the children's Guardian or Trustee receive compensation for acting in those roles.
[01:19] For Power of Attorneys, if you are unable to make decisions due to mental incapacity or other reasons, you would appoint your spouse as your decision maker. If your spouse has already passed or is unable to be your decision maker, you would appoint a substitute decision maker. For multiple decision makers, you may appoint them to act "jointly", "jointly or severally", or you may rank them. Clients may or may not elect that the decision maker for all matters except personal care receive compensation for acting as decision maker.
[01:47] For more information on appointing Trustees and Power of Attorneys or on the meanings behind “jointly” and “jointly or severally”, visit landmark law’s articles for Wills & Estates on our website.
[01:57] If you are interested in drafting your Will, please visit Landmarklaw.ca to learn more, and make sure to tune in for next week’s episode on Scenario 3 of Standard Wills and Power of Attorney.
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