As we begin to look towards the end of another pandemic year, many Canadians and newcomers to Canada - and frankly people everywhere - are keenly aware of the importance of having one’s affairs in order at all material times, where possible. Setting aside some time to review your affairs, your assets and liabilities, and to consult with key professionals to ensure all eventualities are taken care of, no longer seems like an issue one can afford to procrastinate on.
Pre-Covid 19 statistics showed that less than half of Canadians had valid current Wills and Estates documentation prepared. Unfortunately, owing to the Covid 19 pandemic we are all keenly aware of the importance of being and staying organized. We suspect the post-Covid 19 statistics may be somewhat different.
Do You Have Current Valid Wills and Estate Planning Documents?
Having up to date Wills and Estates documentation is a simple step that goes a long way to ensure your affairs are organized and your future instructions are in place. The process of preparing these documents requires a client to complete a thorough review and plan which ultimately provides some peace of mind in even times like these.
3 Key Wills and Estate Planning Documents
Here are three key wills and estate planning documents you should have:
A Will comes into effect when the testator is dead. This document will outline the testator’s express desires with regards to who the beneficiaries are and how distribution should be dealt with after the settlement of debts and liabilities. The Will also addresses the various powers given to an estate executor and many other things.
- Power of Attorney
An Enduring Power of Attorney is prepared to ensure an attorney is appointed to handle an individual’s financial affairs when they are alive but not able to conduct their own affairs. This is typically due to incapacity, but other reasons can be included in the drafting of the POA.
- Personal Directive
A Personal Directive will enable an individual to appoint an agent to assist you with health-related decisions when you are alive but unable to make or communicate your healthcare-related instructions.
In our next article on Wills and Estate Planning, we will briefly discuss the different types of Wills and the importance of putting a formal Will in place.
Ackah Law Wills and Estate Planning Services
You are not legally required to have a will in Canada. However, if you don't have a will, the laws in the province or territory you live in will determine how your estate is divided - not necessarily the laws of your home country. Ackah Business Immigration Law has expanded our services to include non-immigration legal services, including Wills and Estate Planning Services.
Call Ackah Law today at (403) 452‑9515 to discuss what steps you should take now to protect your family and loved ones.