When it comes to Wills, while the numbers vary somewhat from survey to survey, one thing about the picture remains consistent: Fewer than half of Canadians have a Will, and even fewer than that have appointed Powers of Attorney. There is a number of reasons why this might be, but there seems to be a few mistakes people make when thinking they do not need a Will or POA.
‘I don’t need a Will unless I’m older’
In the province of Ontario, you can make a legal Will once you have reached the age of 18, provided you are of sound mind. Unfortunately, we are vulnerable at any age. Accidents, unforeseen health events or other bad things are not restricted to older people; they can happen when least expected.
‘I don’t have enough assets to need a Will’
If you have a home, have savings or investments or cars, boats, motorcycles paintings or jewelry, you can have a significant financial impact on the lives of the people you care about, as well as potentially sparing them added costs, complexity and delay by having left a properly prepared Will. Most of all, being clear in your Will about how you want your assets divided can save disagreements within families. It is amazing how much trouble a dispute over a prized piece of jewelry can cause. The same can happen with other possessions, including pets. Another increasingly important area is digital assets; there may be family photos online or privacy considerations that you wish to see addressed.
‘My family knows what to do’
Maybe, but if you don’t have estate trustees (executors), there will be a lot of uncertainty, and it will dramatically slow the process of dealing with your estate – everything from organizing your estate to memorial services.
Power of Attorney: One for Property and one for Personal Care. The appointment of a Power of Attorney is the ability to designate decision making authority to someone other than yourself, often in a situation where you lack the ability to handle your own affairs. You need a Power of Attorney early in life, from 16 years of age and older. It is important. For example, on a financial level, who will handle your tax filings or other obligations and affairs if you are alive but incapable of doing so for yourself? On a physical level, what if a decision needs to be made about life support? Who will be responsible for arranging care for you, and where you will live? What if a decision on a dangerous operation to save your life needs to be made?
Without a Power of Attorney, your loved ones may be left to pursue costly and time-consuming applications through the courts.
If you don’t have Will or a Power of Attorney, now is the time to act. Call or email a lawyer and take that important first step.
Jayson Schwarz, LLM, is founding senior partner of Schwarz Law Partners LLP, and Gregory Dubecky, JD, is lead associate for wills and estates.
schwarzla.ca, info@schwarzlaw.ca.