“Will kits” are packages usually consisting of a preprinted form (or increasingly do-it-yourself web site forms/downloads) and instructions on how to complete the form. A client asked me earlier this year about an advertisement promoting a “Will kit” which would allow him to “save a bundle” on legal fees, as the kit would allow him to prepare a Last Will and Testament on his own.
A Power of Attorney for Personal Care is a written document in which you give another person (your “Attorney”) the authority to make decisions regarding your personal care (which includes health care, nutrition, shelter, clothing, hygiene or safety) in the event that you subsequently are unable to make these decisions on your own behalf.
A change in your marital status has a definite impact on your estate planning. If this sort of change has occurred or is about to occur, you should review how this may affect your estate planning.
A Will is a legal document which provides for the distribution of your property to anyone named as your beneficiary after your death and appoints someone to administer your estate. Since no one likes to dwell on this inevitable aspect of life, many people put off making their Will, or do not review their Will on a regular basis. In fact, a majority of Canadians under 65 do not have an up-to-date Will. In addition to the emotional reasons, many people mistakenly think they don’t need a Will.