Estate Planning Documents – Wills, Enduring Powers of Attorney and Personal Directives

It seems that everything has changed since the arrival of COVID-19 here in Alberta. Social distancing, non-essential businesses closed, Zoom drinks with friends, Skype calls with family members only kilometers from your home. These and other changes have become almost routine in under a month with the spread of the pandemic and life will likely be irreversibly changed as a result. One thing which has not changed is the continuing importance of having proper, up-to-date estate planning documents to ensure your wishes are respected, and your loved ones cared for, regardless of what happens to you. This is as true today as it was last year.
 
Wills are the most common estate planning document which people are aware of. A Will outlines your wishes regarding the distribution of your assets to the people you wish to gift them to. Your Will generally provides for the payment of debts and provides for gifts to various loved ones as you see fit. As your Will reflects your last opportunity to direct how the assets you have accumulated over your lifetime are disposed of, it is important to be sure your Will is accurate and reflects your wishes.
 
There are two other important documents which should be completed to ensure your wishes are followed. First, an Enduring Power of Attorney appoints a person (called an Attorney) to act on your behalf in respect of financial matters if you are alive but are incapacitated or otherwise unable to make financial decisions for yourself. Secondly, a Personal Directive operates to appoint a person (called an Agent) to make health care decisions for you if you lack capacity to make health care decisions for yourself. Both documents operate to ensure that both your financial and personal health will continue to be looked after by responsible and competent people whom you have chosen and whom you trust.
 
If you have any questions regarding any Estate Planning you have done or wish to do, please feel free to reach out to our firm to schedule an appointment.