There are a number of different estate planning documents that you may need, depending on your individual circumstances. Some of the most common documents include:
- Will: A will is a legal document that sets out your instructions for how your assets should be distributed after your death. It is important to note that if you die without a will, your assets will be distributed according to the intestacy laws of your province.
- Power of attorney: A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf if you become incapacitated. There are two types of powers of attorney: a general power of attorney and a specific power of attorney. A general power of attorney gives the person you name broad authority to make decisions on your behalf, while a specific power of attorney limits the person’s authority to certain tasks, such as managing your finances or selling your home.
- Living trust: A living trust is a legal document that transfers ownership of your assets to a trustee, who manages them for your benefit while you are alive and distributes them to your beneficiaries after your death. Living trusts can be used to reduce estate taxes, protect your assets from creditors, and provide for the care of minor children or dependents with disabilities.
Other estate planning documents that you may need include:
- Living will: A living will is a legal document that sets out your wishes for your end-of-life care. It can be used to direct your doctors to provide or withhold certain medical treatments if you become incapacitated.
- Medical directive: A medical directive is a legal document that appoints a person to make decisions about your medical care if you become incapacitated. It can also be used to provide instructions about your end-of-life care.
- Guardianship testament: A guardianship testament is a legal document that appoints a guardian for your minor children if you die before they reach the age of majority.
- Trust agreement: A trust agreement is a legal document that creates a trust. It sets out the terms of the trust, such as the assets that are to be held in trust, the beneficiaries of the trust, and the powers and duties of the trustee.
How to Choose the Right Estate Planning Documents for You
The best way to choose the right estate planning documents for you is to meet with an experienced estate planning lawyer. A lawyer can help you to assess your needs and develop a comprehensive estate plan that includes the right documents for your individual circumstances.
This article is for informational purposes only and is not legal advice. Contact us today to discuss your specific situation.