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[00:10] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on December 9th, 2022 to help educate our listeners on various legal scenarios.
[00:22] Today’s topic will be on the fourth 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 fourth scenario is being a single individual with surviving children or relatives
[00:43] For your Will, upon your passing, everything goes to your surviving family in equal shares. You would appoint children, relatives, or close friends to act as Trustees. 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 Trustee receive compensation for acting in such roles.
[01:05] For Power of Attorneys, if you are unable to make decisions due to mental incapacity or other reasons, you would appoint your children, relatives, or close friends as your decision maker. For multiple decision makers, you may appoint them to act as the decision maker "jointly", "jointly or severally", or you may rank them.
[01:24] 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.
[01:35] 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 the last Standard Wills and Power of Attorney scenario.