June 7, 2013
Your Will – Provides instructions in the event of your death:
1. Names your executor who will be responsible for administering your estate.
2. Sets out the method of distribution of your estate’s assets.
Assets not forming part of your estate:
A. Any property held in joint tenancy – This could include real property such as your home or personal property such as joint bank accounts;
B. Proceeds of life insurance policies designating a beneficiary; and
C. Any property held in trust on behalf of another person.
3. You may appoint legal guardians to your minor children.
4. You may provide instructions for your funeral wishes.
Regular review of your will is recommended every two to three years or following important events in your life to determine whether your personal circumstances have changed to the degree where your will should be updated.New Legislation:The Wills, Estates and Succession Act is set to come into force in early 2014 and will not invalidate prior wills but does significantly change requirements for wills prepared after it comes into effect.
Your Power of Attorney – Provides authorization to your chosen representative to act in your place on any financial matters:
1. You name your attorney who will act in your place;
2. You decide what limits if any to put on your attorney’s powers; and
3. You decide when a Power of Attorney becomes/remains effective.
Your Representation Agreement – Provides your representative with authority to make healthcare and personal care decisions on your behalf:
1. You can choose one or more representatives to make health decisions on your behalf;
2. You choose when it takes effect, and under what circumstances it is to take effect. Typically when you are mentally or physically unable to consent to health or medical care; and
3. Sets out types of medical treatment that you want to accept or refuse.
Advance Directives for Health Care – Allows you to give or refuse consent to future health care:
1. Typically used in addressing end of life decisions;
2. Not valid if instructions in directive would be contrary to law.