Wills and Powers of Attorney - Key Considerations

1. Wills allow individuals to provide for their loved ones in the manner that they choose. 
2. Wills can be used to maintain some control over assets after death. 
3. Wills allow you to appoint the person or people that you trust most to manage your estate. 
4. Wills help to make the administration of your estate much easier for your loved ones after your death.

If you die without a will, the Succession Law Reform Act (the “SLRA”) governs the distribution of your assets. 

• What if you are separated from your spouse but have not yet divorced and your separation does not qualify as a separation pursuant to section 17(4) of the Succession Law Reform Act?"
• What if you are estranged from a child, parent or sibling? 
• What if one of your relatives is very well-off and the other one needs more help? 
• Who is going to administer your estate? 
• What if your children or grandchildren who may benefit from your estate are under the age of 18 or younger than the age that you would wish for them to receive property outright? 
• What if one of the beneficiaries of your estate is receiving government benefits?

Included (unless jointly owned or gifted in another will)

• Real Property
• Bank Accounts
• Investments
• Personal effects (jewellery, furniture, cars, etc.)

Excluded

• Assets gifted under another will (such as a foreign will)
• True joint assets*
• Designated assets (insurance, RRSP, TFSA, etc.)

*Jointly held assets are a complicated legal concept that requires the advice of a legal professional reviewing someone’s particular situation.

• You can revoke your will.
• You can easily make changes to your will.
• If you have a will, always review it as life changes (marital status, additions to family, change in assets, etc.).

To have control over who makes decisions on your behalf with respect to health care, placement in long-term care, and end of life decisions.

You may also provide evidence of your wishes in your Power of Attorney for Personal Care with respect to your health care, nutrition, shelter, clothing, hygiene and/or safety.

No one has the authority to manage your property (i.e. your finances) without a guardianship or power of attorney for property. Granting a power of attorney for property lets you choose who will manage your property and any restrictions on their powers without the cost or delay of a court order.

NOTE: Powers of attorney for property carry great risk and you should consult a legal professional when considering granting this authority to anyone.