Your will and power of attorney-the differences and benefits of both

A will and a power of attorney are both legal documents meant to protect you and your interests. To understand the similarities and differences between the two documents, we spoke with lawyer Kirndeep Nahal from Lake City Law Corporation.

She summed it up for us in straightforward terms. “A will is used to protect your wishes after you pass, and a Power of Attorney protects your interests while you are alive.”

“You spend your whole life working for everything you have,” she stated when asked about the importance of a will. “Having a will gives you that peace of mind that all the hard work is cared for, your wishes are carried out, and your loved ones are provided for.”

A well-prepared will, in part, provides direction on:

• who you wish to manage your personal assets after your death,
• how you wish any dependents be cared for, and
• how you want personal assets distributed.

It also assists in avoiding delays in the settlement of your estate and reduces administrative burdens.

For most of us, discussing death is far from light and easy conversation, but Nahal explained how having a will in place is a kind and caring thing to do for your loved ones. “It provides clear direction to your family members who, at the time when they are dealing with the administration of your estate, are also going through the difficult process of grieving your death.”

She continued, “By laying out clear instructions ahead of time, a will allows you the ability to make the settlement of your estate a more personal matter.”

Involving an experienced lawyer in the writing of your will helps avoid it being contested after you’re gone.

But not everything belongs in your will and some instructions regarding your wishes may be best suited to another document.

A will only applies after your death. Power of attorney protects your interests when you’re alive but wish to delegate instructions on the management of your affairs. Nahal explained, “A power of attorney is a document in which you’re providing a trusted party the authority to make decisions and take certain actions on your behalf.”

The document allows this trusted party to manage your affairs and continue looking after your affairs even if you lose your mental capacity.

Like a will, discussing a power of attorney isn’t a lighthearted topic, but it can become critically important that it’s been taken care of.

“Our team can go through the different types of power of attorneys with you, which can range depending on your needs and wants,” said Nahal. “We can also go through the different instructions with respect to your will to make sure everything is managed to your expectations, your wishes and tailored to your needs.”

You can start the discussion now with the Lake City Law Corporation’s Online Will Questionnaire, or call their office at (250) 800-1077.

Lake City Law Corporation is located downtown Vernon at #101A 3100 30th Avenue.