Planning for Peace of Mind: Understanding Trusts and Enduring Power of Attorney

Planning for Peace of Mind: Understanding Trusts and Enduring Power of Attorney

When you think ahead and take steps to shield your family from any potential harm in the future, you get peace of mind – and you can get it by crafting a Trust in Kelowna. These estate planning papers don’t just protect your assets, but help guarantee your instructions will be followed, even if you cannot express them.

What is a Trust and Why Do You Need One?

A trust is a legal relationship in which one person (the trustee) holds and manages property for the benefit of someone else (the beneficiary). Perhaps you would like to provide for your children, support a loved one with special needs, or avoid probate — when it comes to protecting your assets and family, a Kelowna trust can offer you a smart and mobile solution.

Trusts come in a variety of forms, such as revocable trusts and irrevocable trusts. Every form provides particular advantages like tax planning, asset protection, and privacy. A well-prepared trust makes distributing your estate a more seamless process, rather than enduring the often lengthy and costly probate process.

At Kelowna Will & Estate Planning, we advise you as to the type of trust that is best in terms of your objectives. Our lawyers make sure that your estate will be managed exactly how you prefer now and in the future.

Why You Need a Lasting Power of Attorney

An enduring power of attorney (EPA) is a legal document that lets you appoint someone you trust to make financial and legal decisions for you when you can no longer make your own decisions, eg, if you have an accident, an illness, or an age-related condition. Unlike a general Power of Attorney, which expires when you become incapable, an Enduring Power of Attorney in Kelowna survives incapacity.

Without an EPA, your family may be put through a time-consuming court process to obtain authority over your finances. By establishing an EPA ahead of time, you ensure that your bills are paid, your investments are overseen, and your financial interests are stewarded by someone you select.

Our lawyers can provide the expert advice that you need to create an enforceable EPA that reflects your intentions and that ensures that a reliable person is in place to act on your behalf.

Secure the Legacy - With the help of experts

We know estate planning is so much more than paperwork – it’s peace of mind. If you're looking at trust options in Kelowna or want to set up an Enduring Power of Attorney in Kelowna, we can walk you through the process.

Call us to make an appointment today and let us help you get started on ensuring your legacy and protecting your loved ones.

Jimmy Walid is the author of this website and has been writing articles for a long time. To know more about Trust in Kelowna and Enduring Power of Attorney in Kelowna, please visit the website.

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