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[00:15] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on December 16th, 2022 to help educate our listeners on various legal scenarios.
[00:27] Today’s topic will be on the final 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.
[00:40] BELL CHIME
[00:43] The final scenario is being an individual who is separated, but not divorced
[00:47] For your Will, if the divorce is not finalized and you don't have a will, your former partner may have a claim on your estate. Hence a common scenario is that upon your passing, everything goes to your children or surviving family. You would appoint adult children, relatives, or close friends to act as Trustees. Clients may or may not elect that the Trustee receive compensation for acting in such roles.
[01:12] 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 "jointly", "jointly or severally" or you may rank them.
[01:29] 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 meanings behind “jointly” and “jointly or severally”.