When people hear estate planning, they usually think of one thing: a will.
That’s certainly an important piece, but planning also means thinking about what happens while you’re still alive if you become unable to make decisions for yourself.
In Alberta, three documents play different roles: a will, enduring power of attorney and personal directive.
Your Will
Your will creates a plan for what happens after your death. It can outline how your property should be distributed, name the person responsible for administering your estate and address guardianship wishes for minor children.
Your Enduring Power of Attorney
This one is about your financial affairs while you’re alive.
An enduring power of attorney allows you to appoint someone to make financial decisions on your behalf according to the terms of the document, including if you lose the capacity to make your own decisions.
Your Personal Directive
Your personal directive addresses personal rather than financial decisions if you become unable to make those decisions yourself.
That can include matters such as healthcare, where you live, and end-of-life decisions.
Think of estate planning less as preparing for death and more as leaving clear instructions for the people you trust.
It can make an already difficult situation easier for the people you love and gives you more control over who speaks for you and what happens to the things you’ve built.
Need to create or update your estate planning documents? Swift LLP can help you understand your options and put a plan in place.