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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...
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In part 1 of our blog series (ESTATE PLANNING: IF YOU CAN’T MAKE PERSONAL DECISIONS DUE TO ILLNESS OR INJURY, PART 1), we mentioned that it is recommended that every Albertan who is at least 18 years old should have the following documents prepared in the event that you can’t make personal decisions for yourself due to illness or injury:1. A personal directive2. An enduring power of attorney3. WillWe’ve already touched on what a personal directive is on the last 2 blogs. Now, we are focusing on the enduring power of attorney. So what is an enduring power of attorney? Enduring...
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In part 1 of this blog series, we mentioned that in Alberta, we only have personal directives instead of living wills. A personal directive is a legal document that you write in case you can’t make your own personal decisions in the future.So what types of instructions must you include in your personal directive? You can write any personal matters that are non-financial in your personal directive such as:- Medical treatments you would or wouldn’t want- Where you’d like to live- Who you’d like to live with- Who you want to temporarily care for your minor children- Choices about other personal...
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One of the purposes of estate planning is for you to be able to clearly communicate who you want to make personal decisions for you should you be unable to do so for yourself. In the event of medical or psychological conditions, you may not be able to communicate your decisions so being prepared for this event as well having the proper documents in place is extremely important. In a previous blog (ESTATE PLANNING: WHEN YOU ARE UNABLE TO ACT FOR YOURSELF), we mentioned you can authorize someone to act for you through a power of attorney. In Alberta, we have...
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