When one thinks about Estate Planning it is easy to assume that it is a topic reserved for old and frail individuals with vast amounts of money who possibly have children who do not get along and as such require a legal document to reign them in and ensure a smooth estate administration process.
Nothing could be further from the truth.
Before delving into a short review of the requirements of a proper estate planning strategy for the average individual let us attempt to describe the three most important estate planning documents.
- Will – A will is a legal document that issues directions to an individual’s personal representative on how said individual would like their property disposed of after their demise. There are various types of wills which include formal wills (signed by the testator and two witnesses in the presence of each other), holographic wills which must be handwritten and military wills which when written by a testator in active military service are signed by the testator(s) but do not have to be witnessed by anyone.
- Personal Directive – This is a legal document that directs an individual’s personal representative to take certain steps in the event of the individual’s mental incapacity with respect to that individual’s end of life care. It deals with a number of decisions including whether to or not to consent to organ donation, resuscitation, life support etc It basically empowers someone else to make personal decisions on said individual’s behalf when they are unable to make those decisions themselves.
- Enduring Power of Attorney – Most people are familiar with a Power of Attorney and understand how it works. An enduring Power of Attorney (EPA) is similar in all respects except for the fact that unlike a regular Power of Attorney an EPA does not cease to be effective when the donor (the individual who is giving the power under the EPA) loses mental capacity. There are usually two forms of EPA; immediate (which takes effect once it is signed) and springing (which takes effect upon a declaration that the donor has lost mental capacity).
There are various orders which clients might require depending on their particular circumstances, but it is important that everyone speaks to an Estate Lawyer to obtain advice relating to their peculiar circumstances. The lawyers at EO Law have worked with lots of clients to prepare their estate planning documents and even review documents prepared by other professionals to ensure that they are still reflective of the wishes of the clients. Feel free to contact the Estate Lawyers at EO Law by sending an email to info@eolaw.ca to set up a consultation.
Disclaimer:
The information on this website is provided by EO Law for educational purposes only. The information gives readers a general understanding of the law. The information does not provide specific legal advice and should not be used in place of competent legal advice from a licensed, practising lawyer. Use of this information does not create a attorney-client relationship.