Due to a mishap or because of our newfound longevity, there may come a time that decision-making will be in the hands of other(s). A Power of Attorney enables a person to make decisions on your behalf during your lifetime. These decisions may be financial or personal. A Living Will (advanced health directive) may be part of a Power of Attorney or a separate document. It contains instructions on the treatment you wish to receive or refuse in the event of a terminal interest or injury where you can no longer speak for your own care. The Living Will can specify living conditions, such as living alone or in a nursing home, and how expenses are to be paid. Now here are some questions and issues: Who should this be? What /powers should s/he have? When should this authority be granted? Why do you need to do this? How is this done properly so that it is effective? How many attorneys should I have? In many cases, people write a Power of Attorney expecting never to use it. With advances in Health Care and end-of-life legislation, you do not want to leave these issues to others at a stressful time.

Most people wrongly assume that in the absence of a Will everything will go to your spouse. This is not so. If you do not make a Will, the Province of Ontario takes over your Estate. What if your spouse remarries? How do you preserve assets for your children? Who will take care of your children and how will they afford it? What assets are owned by you can be directly transferred to others. Can you distribute assets in your Estate outside the Will? In Ontario, probate is now entitled Estate Administration Tax (aptly EAT). How can you lower these costs?  Without a Will, the Intestacy Act will arrange the distribution of your Estate–unlikely the way you would have wanted. TAXES??!  If distributions are made before CRA issues a Clearance Certificate, there may be liabilities dating back years. Will preparation be a process and not a document?

If you are incapacitated, administration starts with your Power(s) of Attorney if you have one. When you have passed, the Executor steps in to process your Will, if you have one. It is estimated that well over 2/3 of Canadians do not have an up to date Will. Whom have you appointed and how did you decide at that time? Does the appointed person(s) know this and do they what to do? Where is EVERYTHING? If you left everything to your spouse, then how will s/he manage the Estate? And after s/he passes what happens to the assets? In Ontario, remarriage revokes the Will, but a new Common Law relationship does not. Should you have a Corporate Executor—why? Who is the Guardian for your under-age children? Are your adult children capable and responsible to manage their inheritance? To what extent can you safeguard your assets? What are the tax planning opportunities in the Administration of your Estate?