WILLS/ ENDURING POWERS OF ATTORNEY/ PERSONAL DIRECTIVES

YOUR ESTATE PLANNING DOCUMENTS

When Is The Best Time To Make Estate Planning Documents?

For your estate planning documents to be deemed valid in Alberta you must be:

be at least 18 years of age;
it must be your decision solely to make them; and
have mental capacity to make them.

If you wait to have your Will, EPA, and/ PD done when you are sick it may be too late. Making these documents now will protect you, your family and your property by ensuring your voice isheard, and thus reducing stress and costs further down the line, for you and your family members.

Last Will and Testament (“Will”)

Why Have a WIll

Your Will appoints a person (known as your Personal Representative or Executor) to manage your affairs and property when you pass away. It is never early enough to appoint someone as your personal representative, through getting a Will. Some of the duties your personal representative would undertake on your behalf is making funeral arrangements, taking control of all your property, paying all your bills, paying any debt; having your Will probated for distribution of your assets, distributing special gifts and the remainder of your cash and property and ensuring any other assignments are carried out under your Will. Your Will specifies your beneficiaries (whom your property is to be given as you have assigned) You may also list pecific gifts to certain people for special items, such as collectibles and family heirlooms. You can also assign guardians if you have dependant and/or underage children.

Personal Directive (“PD”)

A Personal Directive, also known as a Healthcare Directive is a document whereby you appoint another person, known as your “agent” to make personal decisions for you should you become mentally incapacitated and can not make your own personal decisions. Personal decisions made by your PD include, medical decisions, where you live and who can visit you.

Enduring Power of Attorney (“EPA”)

An Enduring Power of Attorney is a document in which you appoint another person, known as your “Attorney,” to manage your financial matters and affairs and property in the event that you

become mentally incapacitated to manage your own affairs. Some of the duties you can assigned by EPA financial support for your children, your spouse, and make other directions on how your Attorney should manage your property, money, bank account

Can You Change Your Will, EPA, or PD in the Future?

You can cancel or change your Will, EPA, or PD at anytime as long as you have the mentally capacitated to do so and are free from pressure or influence. It is important to update your estate documents from time to time. Some circumstances commonly affecting updates for estate documents and updates or changes are family circumstances changing, such as cohabitation, marriage, or divorce, or having children, potential illness and other factors.