Individuals in receipt of eligible pension income can allocate or split up to 50% of the income with their spouse or common-law partner, and the allocated income is reported as the spouse’s taxable income. This allows the shifting of income from a higher-income spouse to a lower-income spouse, enabling the couple to reduce their combined income tax liability and increase cash flow during retirement.
Why Have a Will?
Convenience is a factor in creating a Will online. A Will determines who controls your assets after death and also identifies the people to whom your estate and assets will go to. Preparing a Will is the simplest way to ensure that your funds and property will be distributed according to your wishes. Creating a Will online allows for convenience and ease. The benefits of creating an online Will are as follows:
What are some of the strangest Wills in recorded history? From Ancient Rome to William Shakespeare, there are some bizarre Last Will and Testaments throughout history. This is not unusual in of itself, given the fact that there have been many famous (eccentric) icons throughout history.
A Last Wil and Testament is obviously very important; the document outlines to whom and where your assets and estate will go when you pass on. Many celebrities, from Amy Winehouse to James Dean, have died intestate (without a Last Will). Here are some “interesting celebrities” who have written some of the most memorable Wills in history: a) Virgil. A renowned poet from 10BC, he wrote a poem (to great acclaim from his friends) as his Last Will and Testament. B) Shakespeare (you know his name). The famous writer bequeathed his wife, Ann Hathaway (just like the actress!) the best (clean and bedbug free) bed – hygiene was at a premium during his time – and (allegedly) left a curse on his grave to deter grave robbers at the time. The words on his epitaph were as follows: “Blest be the man that spares these stones, / And cursed by he that moves my bones.” It taken seriously enough to deter authorities to allow his wife to be buried next to him for nearly a decade.
Those were only two of the strangest Wills throughout history. Charles Dickens, the famous author, can be added to that list: he wrote that he didn’t want his funeral to be made into a public affair, but alas, he didn’t get his wish when his funeral was made public and into a “national event.”
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A Living Will (also known as a Power of Attorney for Personal Care/Health Care Power of Attorney/Advance Directive) allows you to express your wishes and directions regarding your health care and to appoint individual(s) to act on your behalf for health care matters in the event that you are unable to do so. The purpose of this document is to cover situations where a Will does not apply (eg. you are still alive) such as where you are incapacitated or in a coma and cannot express your wishes or give consent to health care matters. We’re often asked what the difference is between a Last Will and a Living Will (people sometimes conflate the two documents as being the same). It is an equally important document, relating to matters regarding your health and how you want to be treated for your medical matters. A Power of Attorney for Personal Care would come into effect only if you become incapacitated or unable to speak on your behalf. If, for instance, you are in a coma or are experiencing the effects of Alzheimers, your “Attorney” will express your wishes through the document you have created. He or she will convey your wishes to the doctors looking after you. Essentially, a Living Will (much like that of a Last Will), speaks for you when you cannot.
Using our proprietary technology to create your Living Will, your document covers a wide-range of items including the following:
- A clause revoking previous Health Care Power of Attorney/Living Will documents
- Specification of your city/town and province/territory of jurisdiction
- Appointing an Attorney who will carry out the terms of your document
- Appointing alternate Attorney(s)
- Your wishes regarding life support options
- Your wishes regarding organ donation
- Your wishes on various medical treatments
- Specification of detailed powers and duties for your Attorney(s)
- Specification of liability of Attorney(s)
- Specification of restrictions on the types of powers your Attorney(s) will exercise
Having a contingency plan in place is the cornerstone of a Power of Attorney/Living Will. Read about why a Power of Attorney/Living Will is important in the article below: