Did you know?
If you do not have a will in place, the courts will determine who will receive your estate based on a default system. When this happens, the estate is typically granted to a single person. Without a will in place, you have no say over the process. A will allows you to make your intentions clear and gives you greater control over how your estate is handled.
Estate Planning Is About More Than a Will
A complete estate plan does more than explain what happens to your property after death. It can also help protect you during your lifetime if you become unable to make decisions for yourself.
With the right documents in place, you can name trusted people to make decisions, provide instructions for your care, and reduce the burden on family members who may otherwise be left unsure of what to do.
Estate planning can help answer important questions such as:
- Who should make decisions on your behalf if you cannot?
- Who should manage your estate after you pass away?
- How should your assets and personal belongings be distributed?
- Who should care for minor children?
- What kind of medical or personal care decisions reflect your wishes?
- How can you reduce confusion or conflict among loved ones?
What Can Be Included in a Will?
A will allows you to make important decisions clearly and thoughtfully. It can name the person you want to act as your executor, explain how your assets should be distributed, identify who should receive specific personal belongings or gifts, and name a guardian for minor children.
Your will can also outline what should happen to the remainder of your estate after debts, taxes, and specific gifts have been dealt with.
Depending on your circumstances, your will may address:
- Your executor
- Beneficiaries
- Specific gifts or personal items
- Guardianship for minor children
- Distribution of property and assets
- Instructions for the residue of your estate
- Charitable gifts
- Business or corporate interests
- Contingency plans if a beneficiary passes away before you
Putting your wishes in writing can make things much easier for the people you care about. Instead of leaving loved ones to guess what you would have wanted, a will gives them clear direction during an already difficult time.
Last Will and Testament
Also known as “a will”, this is a legal document that provides detailed instructions on how your property, assets and possessions are to be distributed after your death… and to whom. Having a valid, professionally drafted will can streamline the settlement process and reduce the demands on your loved ones.
Kunyk Law will ensure your will reflects your wishes, is legally valid, and clearly establishes guidelines for your executor.
Personal Directive
This is a legal document that allows you to appoint a representative to make personal (non-financial) decisions on your behalf if you cannot communicate decisions on your own. This may occur due to an accident or illness that leaves you cognitively incapacitated (for example, if you are unconscious, in a coma, or suffering a debilitating neurological condition).
Your personal directive will provide instructions around how you want to be cared for – according to your wishes, beliefs and values. It extends to decisions around emergency care, long-term care, critical care and more.
Power of Attorney
A Power of Attorney allows you to appoint a representative to manage your financial and legal affairs if you become incapacitated for any reason or should you become mentally incapable of making reasonable judgments.
You may grant your Attorney the ability to make decisions regarding your property or investments. Despite the name, the person you appoint does not have to be a lawyer: rather, someone you trust to act faithfully on your behalf. Kunyk Law will assist you in preparing and executing all required documentation.
Updating an Existing Will
Life changes, and your will should reflect your current circumstances. If you have experienced a major change in your family, finances, property, business, or personal wishes, it may be time to review and update your estate planning documents.
Kunyk Law can help you review your existing will and determine whether changes or a new will are needed to keep it accurate to your wishes, legally valid, and aligned with your intentions. This may include updating your executor, beneficiaries, guardianship wishes, specific gifts, or instructions for how your estate should be distributed.
When Should You Create or Update Your Estate Plan?
Estate planning is not only for later in life. Many people benefit from having a plan in place once they have assets, children, a spouse or partner, business interests, or people who depend on them.
- You should consider creating or updating your estate plan if:
- You recently got married, separated, or divorced
- You have children or are planning to have children
- You bought a home or other significant asset
- You started or purchased a business
- You have experienced a major change in your finances
- You want to change your executor, attorney, or beneficiaries
- You have blended family considerations
- You want to reduce the chance of future family conflict
- Your existing will no longer reflects your wishes
Life changes, and your estate plan should reflect your current circumstances. Reviewing your documents from time to time can help ensure they continue to align with your intentions.
The Value of Being Prepared
Having a legal will, personal directive, or power of attorney in advance will save your family time, strife, headaches, potential conflict and money that can result if your clear wishes are not known, documented or understood.
As part of our process, we support you in providing transparency to family members about your intentions in advance.
Clear Guidance From Start to Finish
Estate planning can feel overwhelming, but the process does not have to be complicated. Kunyk Law will guide you through each step so you understand what documents you need, what decisions should be made, and how your plan will work.
1. Understand Your Circumstances
We begin by learning about your family, assets, priorities, and goals. This helps us identify the documents and planning considerations that may apply to your situation.
2. Explain Your Options
We explain your legal options in clear, straightforward language. You will have the opportunity to ask questions and make informed decisions about your estate plan.
3. Prepare Your Documents
Once your instructions are clear, we prepare the appropriate documents, which may include your will, Personal Directive, and Power of Attorney.
4. Review and Finalize
We review the documents with you to ensure they reflect your wishes and are properly completed. Our goal is to help you leave with confidence and peace of mind.
