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Wills
A Will is a document which allows you to set the agenda for the management and orderly distribution of your money and property (called your “estate”) after your death. It also names the person who you want to carry out the terms of your Will (called your “executor”).
A Will is important because it simplifies matters upon your death and makes sure that your property passes to those people that you want to get it. Anyone over 18 years of age can make a Will. When you make a Will, the law says that you have to be of “sound mind”. Sound mind means that you do not have a mental impairment that stops you from knowing what you are doing.
Please Note: This information is not intended to contain advice specific to your situation. There are no cookie cutter solutions. After all, you are reading this information on the internet. Your situation is special and unique and you must be guided by specific individual advice from your Lawyer, Certified Financial Planner or Accountant.
Power of Attorney
A Power of Attorney is a legal document that gives someone else the power to act on your behalf. This person is called your “attorney”. In Canada the word “attorney” usually does not mean lawyer. You can give someone a Power of Attorney for Property if you want them to help you manage your finances, or you are worried about becoming unable to manage them. You can also give a Power of Attorney for Property for a limited time. For example, if you plan to be out of the country for a while, you might want someone else to manage your property only while you are away. “Property” includes your money, your home if you own one, and anything else you own.
There are three types of power of attorney.
General Power of Attorney: A General Power of Attorney for Property is a legal document that lets your attorney manage your finances and property only while you are mentally capable. If you become mentally incapable of managing your property, the General Power of Attorney for Property ends and your attorney can no longer act for you. This type of Power of Attorney is usually used in business or for short-term temporary reasons. Since the laws about this were changed in 1996, most people who want to make a Power of Attorney for Property make a Continuing Power of Attorney for Property instead.
Personal Power of Attorney: You can give someone a Power of Attorney for Personal Care if you want them to make personal care decisions on your behalf if you become mentally incapable of making them yourself. This is sometimes called a “personal power of attorney”.
Continuing Power of Attorney: A Continuing Power of Attorney for Property lets your attorney go on acting for you if you become mentally incapable of managing your property. To be valid for this purpose, the document must either be called a Continuing Power of Attorney, or state that it gives your attorney the power to continue acting for you if you become mentally incapable.
Please Note: This information is not intended to contain advice specific to your situation. There are no cookie cutter solutions. After all, you are reading this information on the internet. Your situation is special and unique and you must be guided by specific individual advice from your Lawyer, Certified Financial Planner or Accountant.
Estate Administration (i.e. probate, etc.)
Administrators also have a legal duty to act in the best interest of the estate and to fulfill their duties in accordance with the wishes of the deceased. The advice of a lawyer can help ensure these responsibilities are properly met and both the estate and the executor are legally protected.
An estate administrator has many potential tasks upon the testator’s death. Depending on the circumstances, those tasks may include:
Confirming the will is the testator’s final will
Probating the will
Notifying beneficiaries and providing them with copies of the will
Protecting estate assets