A will is a legal document by which you may determine how your estate is to be distributed after your death. In this instrument, you may also appoint executors to administer your estate, trustees to manage property over time, and guardians to look after minor children. Your will should always reflect your priorities and financial situation. For this reason, it is important to update your will after major life events such as having children, getting married or separating from your spouse.
Power of Attorney for Personal Care
A Power of Attorney for Personal Care is a legal document by which you may appoint a representative – an attorney – to make decisions about your personal care. This could include decisions about your medical treatment or whether you should move into a long-term care facility.
Powers of Attorney for Property
A Power of Attorney for Property is a legal document by which you may appoint someone to act on your behalf – an attorney – to manage your finances and property. You may appoint your attorney to do such things as banking, signing cheques, paying bills, and dealing with real estate. Your attorney may not, however, make or change your will. If you would like your power of attorney to come into effect if you are mentally incapable, your lawyer can prepare a Continuing Power of Attorney.