An Estate Plan can provide peace of mind that trusted individuals can look after you if you are not able to do that for yourself, then after passing, it ensures your assets are distributed in the way you would want.
An Estate Plan is a collection of documents that can manage, if needed, your health and finances prior to death (Powers of Attorney for Health & Property) and after death (Will) specifies how you want your assets to be distributed.
Upon death, a Will ensure that your assets are distributed according to your wishes. If you die without a Will (Intestate) then your assets will be distributed according to guidelines as set out by each province.
Such guidelines might result in distributions that would be unacceptable if the Testator (creator of the Weill) knew what the outcome would be.
An Executor (F: Executrix) is the individual(s) named in the Will to ensure the directions in the Will are carried out.
Your Executor should be a trusted individual who is willing and able to carry out the responsibilities of administering and processing your Estate in a transparent and professional manner.
An Executor should be a trusted individual who is familiar with the person making the Will (the Testator) their family and beneficiaries. It also helps if they have the financial acumen whereby, they can oversee the administration, calculations, distributions, and required reporting to the interested parties. If they are limited by time or experience to do this then a third party, like Executor Support, can provided the necessary services in support of the Executor.
An Executor should be asked if they are willing and able to carry out the required duties. Then the Will can be reviewed with the Executor to be sure they have a chance to ask any questions. Discussions on how and where the Executor would be able to access the information required to fulfill their duties. If there were any questions as to the availability of such information and the required expertise of the Executor, you could secure the services of people like Executor Support to assist in this review and become part of the team the Executor could rely on.
A Power of Attorney is a written authorization to represent or act on another’s behalf when they are not able to act for themselves. The most common examples are Power of Attorney for Personal Care (Health Matters) or Power of Attorney For Property (Financial Matters). A non-continuing Power of Attorney can be set up for a specific period for a specific reason. A continuing Power of Attorney becomes active when the issuer is deemed to lack capacity and is unable to manage their affairs.
A Power of Attorney can make decisions on an individual’s behalf for their financial and health well-being when they are not capable to do that for themselves.
The financial affairs of a person who lacks capacity can be administered by a Power of Attorney for Property. An Executor can look after the same financial matters after death on behalf of the estate.
Your Estate Plan and documents should be reviewed at least every five years and at the time of any significant life event.
An “Estate Plan Fire Drill” provides estimated final calculations to ensure Estate objectives are being met. Your Estate Plan and documents should be reviewed at least every five years and at the time of any significant life event.