Just A Minute - Podcast Episode 4: 1st Standard Wills & POA Scenario
[00:11] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on November 18th, 2022 to help educate our listeners on various legal scenarios.
[00:22] Today’s topic will be on the first 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.
[00:36] BELL CHIME
[00:38] The first scenario is being in your first marriage with adult children.
[00:42] 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. The Trustee is your spouse, and if your spouse has already passed, it will be your adult children. For multiple children, you may appoint them to act as Trustees "jointly", or you may rank them.
[01:03] For Power or 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 your children. For multiple children, you may appoint them to act as the decision maker "jointly", or "jointly or severally". Or you may rank them.
[01:27] 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.
[01:38] 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 2 of Standard Wills and Power of Attorney.
[CLICK HERE TO WATCH FULL PODCAST]
Just A Minute - Podcast Episode 5: 2nd Standard Wills & POA Scenario
Just A Minute -Podcast Episode 3: Introduction to Standard Wills & Power of Attorneys