Many formal proceedings and applications require you to swear an affidavit under oath (or make an affirmation) as part of the documentation. Some examples of this are: obtaining a passport, proving service of legal documents, getting a mortgage or other type of loan, changing a title deed after a name change following marriage or divorce, and selling assets.
Each day of our lives, we run the risk of being struck down by disease, illness or accident. Any one of us could find ourselves in a hospital bed, unable to speak and unaware of our surroundings, clinging to life but facing imminent death.
Yes, I know that's a really depressing way to jump into an article, but I'm trying to make a point. Being prepared is a good thing. We don't like to think about these things, but they do happen.
If you were in a serious car accident and were given little chance of survival, your family would be devastated. Would you not want to spare them as much pain and stress as possible? Of course you would. That's why you should make an Advance Medical Directive.
An advance medical directive (also known as a health care power of attorney, personal directive, or living will) is a document which accomplishes two things.
Firstly, it lets you name someone you trust (such as your spouse, partner, sibling, or good friend) as your attorney-in-fact (also called an agent, surrogate or proxy) who is authorized to make medical decisions for you when you are unable to do so.
Secondly, it allows you to set out your wishes about the extent of medical care you want to receive if you are in a persistent vegetative state (coma) or if you are likely to die from an irreversible condition.
The underlying principle of an advance directive is to allow you to exercise your right to decide whether or not you want your life to be prolonged by artificial means, and to instruct your caregivers how much or how little treatment you want them to administer. Because these instructions are written down at a time when you were still able to communicate them, your loved ones and healthcare providers can be sure of your wishes and let those wishes guide their decisions.
You should discuss your healthcare preferences with the person you name as your agent so that he or she knows the circumstances in which you would not want to be resuscitated or kept on life support, whether you would want pain relief or other medications to be administered, and even whether you wish to receive fluids or nutrition intravenously.
If your medical condition is temporary, the directive will cease to be effective as soon as you regain mental capacity. Many states, provinces and countries now recognize the patient's right to refuse life-sustaining treatments and to die with dignity, although some jurisdictions have restrictions on certain decisions that a surrogate can make. For instance, generally your agent cannot make decisions involving abortion or sterilization.
Your spouse, your agent and your doctor should all have a copy of your advance directive. And if you decide to change or revoke your directive, make sure they each have a copy of the changes or the revocation as well.
Q. I've been researching what I need to know to do my Will and set up a Trust, and I'm getting confused by some of the materials I've been reading. I keep seeing separate references to "heirs" and "beneficiaries". Are they not the same thing? My son is the heir to my estate, isn't he? Doesn't that also make him the beneficiary?
A. That's an excellent question, and the answer is "No". Let's have a look at the difference between the two terms.
A beneficiary is a person you name in your Will to receive all or a portion of your estate property, or a person designated in a Trust Deed to receive all or part of the trust property. They're called beneficiaries because they benefit from the terms of the Will or Trust.
Any person or organization can be a beneficiary - it's up to you to distribute your property among them as you see fit. Most people choose to distribute their estate among their family members and close friends. You may also wish to gift a certain amount to a charity, club, society or service organization that is important to you.
Your heirs, on the other hand, are determined by the laws of descent. An heir is someone who will inherit the property of a person (decedent) who dies intestate, i.e. without a valid Will. The laws of the jurisdiction in which the decedent's property lies will determine what the order of succession will be, but in general, the estate may go wholly or partially (i) firstly to any surviving spouse, (ii) then the decedent's children, (iii) if no surviving children, to the grandchildren, (iv) if no spouse or children / grandchildren, to the decedent's parents, and (v) if no surviving parents, the decedent's siblings.
If there are no surviving members of the immediate family, the inheritance may then pass to other blood relatives, such as aunts, uncles, cousins, nieces and nephews. All of this depends on the degree of family kinship and the applicable laws.
So as you can see, there is a very distinct difference between a beneficiary and an heir.
Beneficiaries are chosen by you when you make your Will or establish a Trust. You can name yourself as a beneficiary of a trust, in many cases. And gifts can be distributed to beneficiaries through a trust during your lifetime.
Heirs are determined by law in cases where the decedent has died without a Will. As long as you are alive, you have no heirs. They only become your heirs after you die.
How much of the unit does the unit owner own, and what constitutes "common property" of the condominium? In other words, who pays for an element like a window if it needs to be replaced or repaired?
If you asked 100 different people what their net worth is, 95 of them would probably not be able to give you an accurate figure. "Net worth" is the amount by which the total value of your assets exceeds the total amount of your liabilities.
Net worth is an indicator of your financial "health". It tells lenders whether you can pay back the loan you're applying for. Financial planners use it as the basis for your retirement plan. If you're going through a divorce, you'll have to provide your soon-to-be-ex's lawyers with a personal net worth statement as part of the settlement negotiations.
Your assets include all items which you own an interest in and all debts which are owed to you which have an actual dollar value, including:
When calculating the value of your assets, use the current market value - in other words, what it's worth today, not what it was worth when you bought it or what it might be worth at some point in the future.
Your liabilities are all of the debts you owe or may be responsible for paying, which includes:
You can use this simple net worth calculator from the Ontario Securities Commission to help you determine what your current net worth is. There are a number of similar tools available online.
If you're not happy with the final figure you arrived at, DON'T PANIC. There are ways to improve that bottom line. The simplest method is: Increase your income and reduce your expenses.
If you're not sure how to do that, get some expert help. There are many free resources available online with helpful information, downloadable tools and resources to help you get your finances on track, so that the next time you calculate your net worth you'll be happier with the result.
Image by Steve Buissinne from Pixabay
Your financial needs change throughout your life as well. What was important to you at 25 may not matter at all by the time you hit 50. The priorities of middle age wouldn't even have entered your mind back then. And your personal and estate planning strategies should change right along with those life stages.
When most people think of estate planning (if they think about it at all), they usually think it means making a Will. But estate planning is much more than just that. It is a process of wealth management, strategic future planning and documentation that will ensure that your estate is distributed and your loved ones are provided for in accordance with your wishes.
Defamation is defined as an intentional false communication either published or spoken publicly, that injures another's reputation or good name, or diminishes the esteem, respect, goodwill, or confidence in which the person is held. Defamation is an actionable wrong, meaning it can be sued on by the party who is defamed.
