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Frequently Asked Questions Wills What is a Will? A Will is a legal document setting out your intentions for the distribution of your property on your death. A Will comes into effect only at death. It can be changed as often as you wish, as your life circumstances change - for example, marriage, birth of children, separation or divorce. Why have a Will? A Will provides for the distribution of your property according to your stated intentions. Dying without a Will results in your estate being distributed according to certain rules contained in The Intestate Succession Act. These rules may not accord with your wishes. The Basic Will The basic components of a Will include: 1. Your choice of Executor, the person you trust to carry out the terms of your Will and manage your estate upon your death. 2. Your beneficiaries. Your spouse, children and others you wish to provide for. 3. Any specific bequests you wish to make; for example to a charity, place of worship or organization. 4. Legal Guardian(s) need to be named for your children under 18 years of age. Keep in mind everyone's Will is different. A Will should reflect your unique situation. Can you change your Will? Yes. If you want to make changes to your Will, the best way is to make a new Will. Where should the original Will be kept? In safekeeping, either in a safety deposit box, at home, or with your lawyer. Powers of Attorney What is a Power of Attorney? A Power of Attorney is a document that gives someone else (the "attorney") decision making and signing authority over your business and financial affairs in the event that you cannot. If, for example, you became incapacitated by illness or an accident, your named attorney would be responsible for the continued smooth administration of your financial affairs, from paying your bills, to making investment decisions on your behalf, to selling a property. The attorney does not need to be a lawyer. When should a Power of Attorney be prepared? A Power of Attorney should be prepared before a person becomes mentally incapacitated or physically incapable of conducting their own business affairs. What should be done with the Power of Attorney once it has been signed? If you want the attorney to begin to act immediately, the person appointed will need the original. If you don't want it to be acted upon immediately, then the document should be kept with a lawyer under the express instruction that it can only be released to the Power of Attorney upon proof of mental incapacity. Advance Health Care Directive What is an Advance Healthcare Directive? A Health Care Directive is a document that gives your directions about the kind and extent of medical treatment you want to receive when you are no longer able to make and communicate your own health care decisions. The directive lets you make decisions about your future treatment. It makes sure that your wishes will be known and respected. Often the directive specifies who shall have the authority to decide what health care treatment, if any, is to be provided. Why have a Health Care Directive? If you become incapacitated as a result of illness or injury and incapable of deciding the kind and extent of treatment to be provided, then the health care directive will give directions for these decisions. Without a Health Care Directive, the treatment you receive might not be in accordance with your wishes. Who should have the original Health Care Directive? Your family physician. A copy should also be provided to your nearest next of kin or friend, and other physicians involved in providing health care to you. Can you change or cancel it? Yes. Written changes must be signed and dated by you. If you want to cancel it, the best way is to destroy it or write on the document that you are cancelling it. |
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