Stop Risking Your Family’s Future – Part 3

Read Part 1 and Part 2 of my posts in this series.

What if you become incapacitated, or an illness prevents you from handling your finances? What will you do? If you don’t have a power of attorney to handle your property, your loved ones must get a court order to deal with your assets.

Your power of attorney should specify that it is effective even after you may become incapacitated. You sign this legal document with two witnesses to appoint a person as your agent for your financial affairs. Upon your death, the attorney’s authority ceases and your executor in your will takes over.

Will your bank accept your current documents if you made them yourself? This is important if you own real estate. If you have any doubts, check with your lawyer. If you don’t have a lawyer, find one who has estate experience.

Protect Your Dignity

Your perfect plan should include signed documents called powers of attorney for personal care. You use it when you cannot make your own personal care decisions. You can cover health care, shelter and safety and final healthcare decisions in these documents.

The person you appoint as attorney will make decisions for your personal care only if you become incapable. Two witnesses are also required for this document. You can attach your written wishes to a personal care power of attorney with a living will or directive. You can also decide what extra care you wish to pay for (i.e. personal care worker visits, etc.)

Now, we have covered the documents you need.

What should you do next?

Options to Consider

See a lawyer. You can get started by filling out The Perfect Plan Planning Sheet below. It will make all the difference in the world to you and your loved ones. Do not delay.

Get More Information. Check out our free resources.

The Perfect Plan Planning Sheet

Complete the following details and speed the process to prepare your perfect plan. Bring this with you when you meet with your lawyer. If you cannot answer a question, your lawyer can give you options.

I want my assets to go to: ________________________________
My backup beneficiary just in case is: __________________________
The person to be in charge of my estate as executor or estate trustee is: ________________
My back up executor is: ______________________________________
My minor children’s guardian is: _______________________________
My backup guardian is: ______________________________________
I know a trust can protect loved ones including:

Beneficiaries ___________________________________________

Minor children _________________________________________

Adults with special needs ________________________________

Answer Yes or No below.

I have:

a prior divorce or separation

a business

a marriage contract

assets outside of Ontario

dependants from a prior relationship

My attorney for property is: __________________________________
My attorney for personal care is: __________________________

You can find more valuable information to help you start here.

My office is open during the lockdown as an essential service. We can arrange an initial meeting. Contact me now.

Posted In: Estates, Wills On: March 5th, 2021

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I have used Edward Olkovich for my own Will and I was the executor of my Brother-in-law’s will. My brother-in-law had a terminal illness and Edward had us devise his Will to minimize taxes and problems. Ed is located locally @ Jane and Bloor. He was very knowledgeable, friendly and thorough and has written many books on the subject. - Belinda M, Toronto

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