Estate Planning & Administration

As part of your estate plan, there are three documents that you should have: a continuing power of attorney for property, a power of attorney for personal care, and a will.  The continuing power of attorney for property sets out who has decision-making authority over your finances and assets if you are unable to act, due to incapacity or another reason. The power of attorney for personal care sets out who has decision-making authority over your health and welfare if you are unable to make decisions for yourself.  The will sets out how you would like to distribute your assets upon your death, and who is in charge of ensuring that it gets done.

We are often asked whether it is necessary to make a will and what will happen if there is no will.  People sometimes think that if you die without a will the government gets your money.  This isn’t exactly true: if you die without a will, the Succession Law Reform Act dictates how your assets are distributed.  We have seen many cases where the provisions of this Act have led to assets being distributed in a way that the deceased would not have wanted.  Making your own will is important so that you can decide how your assets are distributed.  Additionally, not having a will leaves your loved ones with the job of having to apply to the court to be appointed as the executor, which can be a slow process.

When you have made the decision to speak to Alison about your will, please be sure to communicate this to your financial advisor and accountant.  It is often helpful for the lawyer and the other advisors to speak to ensure that what is set up in your financial plan is properly mirrored in your will and vice versa.

Once your will is complete, we recommend reviewing it every five years, or earlier if there has been a major life event.