Estate Planning: If you can’t make personal decisions due to illness or injury, Part 4

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Estate Planning:  If you can’t make personal decisions due to illness or injury, Part 4
The third and final document that you should have prepared in the event that you are unable to make personal decisions due to illness or injury is the will.

A will is a legal document that allows you to direct how your property will be distributed after your death, name your personal representative who will represent your estate after your death and carry out your wishes and name a guardian for any children who are minors at the time of your death.

Note that you have to consult with your lawyer to prepare a will. You will need a lawyer to ensure that your wishes are represented accurately.

If you die without a will, the Wills and Succession Act will decide for you how and to whom your property is transferred when you die.

There are 2 types of will, each with certain formalities and requirements to make them valid.

1. Formal will: This will is in writing and has your signature. It is signed in the presence of 2 witnesses, who also sign the will in your presence.
2. Holograph will. This will is prepared entirely in your own handwriting and is signed by you.

Again, you will need a lawyer to prepare a will. You will also need to keep it updated by reviewing regularly as your circumstances may have changed or laws may have changed as well.

Just a recap on the documents you will need to prepare in the event that you can’t make personal decisions due to illness or injury.

You will need a personal directive, an enduring power of attorney and a will. Please don’t forget to consult with your lawyer for legal advice with respect to preparing legal documents. Also, ask your financial advisor to help you with your estate planning.

Remember, if you fail to plan, you are planning to fail! So call your advisor and get started on your estate planning!

Source: https://www.alberta.ca/office-public-guardian-trustee.aspx
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