Wills and Estates
Making a Will is the only certain way to ensure that your spouse, partner and/or children
inherit what you want
How many times have you sat at home and said to yourself I really must make a Will?
If you die without having made a Will, the intestacy rules apply. In some cases this may lead to your spouse having to share your estate with relatives e.g. brothers and sisters, aunts and uncles.This is important as without such a provision your wishes and feelings may not be known.
Further, at present the intestacy rules do not recognise unmarried couples.
If you live with your partner and you die without having made a Will, your partner will not automatically inherit any of your estateThe estate will pass to your surviving family i.e. children, parents, brothers and sisters.
Why Should I Have a Last Will?
A Last Will enables you to
Beneficiary
Choose who will get your property after your death
Distribution
Choose how your property will be divided among your various beneficiaries
Devisee
Give specific items of property to specific people
Administrator
Appoint someone you trust to administer your estate
Guardian
Appoint a guardian for your minor children
Last Will
A Last Will and Testament allows you to appoint an executor to administer your estate after your death according to your specified wishes.
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Divide property according to your wishes
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Begin estate planning with a personalized Last Will and Testament
The Will can include details about burial, cremation, leaving property, money to loved ones, jewellery and chattels.
Power of Attorney
A Power of Attorney is used to grant powers to another person to act on your behalf, such as managing your legal and financial affairs.
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Easily grant the legal authority for another person to act on your behalf
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Customize your Power of Attorney by choosing specific powers to transfer to your agent
Living Will
A Living Will(Also called a Advance Directive, Health Care Directive, or Power of Attorney for Personal Care) allows you to designate someone who will make health care and personal care decisions for you when you are not able and also to provide instructions for future care while you are still capable of making decisions for yourself.
A Personal Directive provides an opportunity for you to discuss treatment options with your medical staff as well as to discuss and resolve difficult issues with your family and friends. Your directive must be made while you are still capable of giving consent.
Frequently Asked Questions
When should I update my old Will?
You should review your Will from time to time to ensure that it still meets your needs and that your property will be distributed according to your wishes. You should consider writing a new Will on the following events:
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You get married or divorced (a change in marital status may void your old Will);
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You are unmarried, but have a new partner;
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The amount of money and property you own significantly changes;
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You move to another province/territory;
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Your executor or a significant beneficiary in your Will dies;
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There is a birth or adoption of a child in your family;
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You change your mind about the provisions in your Will.
What is a Power of Attorney?
A power of attorney is a document in which one person (the principal) appoints another person (the Attorney) to act for him or her. There are many reasons why you might want to appoint someone else to look after your financial affairs.
For example, if you are going to be out of the country for a lengthy period of time, you might want someone to do your banking while you are gone. If you are approaching old age, you may want to give a power of attorney to a person you trust so that he or she can manage your property for you.
What is the difference between Ordinary and Enduring power of attorney?
An Ordinary power of attorney is only valid as long as the donor is capable of acting for him or herself. If the donor becomes mentally incompetent (loses capacity), the ordinary power of attorney ends.
An Enduring power of attorney remains valid even if the donor later becomes mentally incompetent. The donor must be competent at the time an enduring power of attorney is made.
In either case, the power of attorney becomes invalid when the donor dies. A power of attorney cannot be used to bequeath property upon the death of the donor.
What is meant by "incapacitated"?
A person is incapable of managing property if the person is unable to understand information relevant to making a decision about the management of property, or if the person cannot appreciate the foreseeable consequences of making (or not making) a decision about the management of property.
Who can write a Power of Attorney for Personal Care?
Any person who is sixteen years of age and is mentally capable can make a Power of Attorney for Personal Care.In addition the following will apply:
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You must be mentally competent.
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You must be fully informed of your treatment options for all possible medical outcomes.
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You should not be unduly influenced by anyone else during your decision-making process.