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Factors to consider when writing wills

It's one of the most important tasks for the living, and yet no one lives to see their efforts pay off. Writing a will may be one of the least appealing chores a person needs to take care of, but doing it now may provide peace of mind later in life. Men and women in British Columbia seeking to write their wills would do well to go over a few key aspects before drawing up any documents.

Modern wills should cover digital and physical assets

Preparing a will is one of the most important tasks a man or woman in British Columbia can undertake. Making one's final wishes clear will ease some of the burden on those left behind. Many people, however, consider only their traditional assets, such as real estate and bank accounts. Wills can also be used for final instructions about a kind of asset unique to the computing age.

When planning their wills, entrepreneurs should take special care

The purpose of a will is to make provision for the distribution of assets after a person's passing. For most people in British Columbia, those assets will include things such as real estate, material possessions, money and investments. Entrepreneurs and other business owners, however, have one very special asset that should be given space in their wills: the business itself.

Think carefully before assigning power of attorney

People today are living longer, on average, than ever before, especially here in British Columbia. For some, the reality of this increasing longevity is a decreasing ability to make decisions about their own lives, including finances. A good option is choosing to grant power of attorney to a trusted family member or loved one before the day comes that they are no longer able to take care of themselves. However, much thought must be given when selecting the person who will be making those decisions on their behalf, as one elderly man recently discovered.

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